The World Trade Organization (WTO) is the international organization that regulates global trade. It sets the rules for trade between countries, resolves trade disputes, and ensures that trade flows smoothly.

Tariffs are the most common type of trade barrier. They are taxes imposed on imported goods, which increase the price of those goods and make them less competitive with domestically produced goods.

Quotas are used to limit the quantity of a particular good that can be imported. This can be done to protect domestic industries from foreign competition, to stabilize prices, or to manage the balance of payments.

Tariffs are taxes imposed on imported goods, while quotas are physical restrictions on the quantity of a particular good that can be imported. Tariffs are more effective at generating revenue for the government, while quotas are more effective at protecting domestic industries from foreign competition.

An embargo is a complete ban on trade with a particular country. It is typically used for political or security reasons, such as to punish a country for its actions or to prevent the spread of weapons or other dangerous goods.

Subsidies are financial assistance provided to domestic industries. They can be used to reduce the cost of production, increase the quantity of goods produced, or protect domestic industries from foreign competition.

A trade agreement is a legally binding agreement between two or more countries that governs their trade relations. It typically includes provisions on tariffs, quotas, subsidies, and other trade barriers, as well as rules and procedures for resolving trade disputes.

Free trade agreements (FTAs) are the most common type of trade agreement. They eliminate or reduce tariffs and other trade barriers between the participating countries, making it easier for goods and services to flow between them.

Free trade agreements (FTAs) eliminate all tariffs and trade barriers between the participating countries, while preferential trade agreements (PTAs) only reduce them. FTAs are also more comprehensive than PTAs, covering a wider range of issues, such as investment, services, and intellectual property.

A customs union is a group of countries that have eliminated all tariffs and trade barriers among themselves. This means that goods and services can flow freely between the member countries without being subject to any import or export duties.

A common market is a group of countries that have eliminated all tariffs and trade barriers among themselves and have also adopted a common external tariff. This means that goods and services can flow freely between the member countries without being subject to any import or export duties, and that the member countries all charge the same tariffs on imports from non-member countries.

Free trade has a number of benefits, including promoting economic growth and efficiency, leading to lower prices for consumers, increasing the variety of goods and services available to consumers, and creating jobs.

Free trade can have some negative consequences, including job losses in certain industries, environmental damage, the exploitation of workers in developing countries, and the undermining of cultural diversity.

The global trading system is facing a number of challenges, including the rise of protectionism, the increasing complexity of global supply chains, the digitalization of trade, and the need to address climate change.

The future of the global trading system is uncertain, but it is likely to be shaped by a combination of factors, including the rise of protectionism, the increasing complexity of global supply chains, the digitalization of trade, and the need to address climate change.