trade agreement
/ˈtreɪd əˈɡriːmənt/ · trade.ag.ree.ment
noun
- A formal arrangement between countries or organizations to regulate and facilitate trade. The trade agreement between the US and China has been a topic of discussion for years.
- A set of rules and regulations governing trade between two or more countries. The trade agreement has helped to reduce tariffs and increase trade between the two nations.
- A contract or treaty between two or more countries or organizations to regulate trade in a specific area or industry. The trade agreement on intellectual property has been a major point of contention between the two countries.
Did you know? The first trade agreement in the United States was the Jay Treaty, signed in 1794 between the US and Great Britain to resolve outstanding issues from the American Revolution.