The primary objective of an FTA is to eliminate or reduce trade barriers, such as tariffs and quotas, to facilitate the free flow of goods and services between the participating countries.

While FTAs can lead to increased trade volume, lower consumer prices, and enhanced economic growth, they may also result in job losses in certain industries that face increased competition from imports.

A trade surplus occurs when a country's exports to another country exceed its imports from that country, resulting in a positive balance of trade.

The Foreign Trade (Development and Regulation) Act, 1992 is the primary legislation that governs the implementation of FTAs in India.

Tariff phase-out refers to the gradual reduction of tariffs over a specified period of time, eventually leading to their elimination.

There is no such thing as a Global FTA. FTAs are typically bilateral, multilateral, or regional in nature.

A Preferential Trade Agreement (PTA) is an agreement between two or more countries to reduce or eliminate tariffs on a specific list of goods.

Enhanced economic growth is a potential benefit, not a challenge, associated with FTAs.

A Free Trade Area (FTA) is an agreement between two or more countries to eliminate all tariffs and other trade barriers among themselves.

Job losses in certain industries is a potential challenge, not a benefit, of an FTA for developing countries.

A Customs Union is an agreement between two or more countries to adopt a common external tariff and a common trade policy.

Enhanced economic growth is a potential benefit, not a challenge, associated with FTAs for developed countries.

An Economic Union is an agreement between two or more countries to eliminate all trade barriers among themselves and adopt a common currency.

Reduced choice of domestic goods is a potential challenge, not a benefit, of an FTA for consumers.

An Economic Union is an agreement between two or more countries to coordinate their economic policies and adopt common rules and regulations.