Also, I quite liked this comment on how free trade agreements work from the FT comments section:
The issue with Free Trade Agreements is that the idea sounds cool and
there is a lot of enthusiasm: "Let's do a FTA with everybody!!!".
What's not to like with a free flow of goods between countries??
Then you sit at the negotiating table and you discover that the other
country uses GMOs in their agriculture and maybe you don't like that
but you cannot open the free trade of agricultural goods unless you
modify your stance on GMOs. Then somebody notes that the food safety
rules are different, maybe you consider palm oil above certain %
dangerous while the other country doesn't. So you need to change the
food safety rules (or the other country does).
Then you discover that the other country is a lot more efficient at
producing coffee pressers and your coffee presser makers will all go
out of business and 1,000 people will lose their jobs. On the other
hand your scissors makers are very good and they are going to do brisk
business, however the scissors makers are based in another region from
the coffee pressers so unless you can convince those 1,000 people to
up sticks and move (and retrain as scissor makers) you will have
problems selling the FTA to the public.
Then, then, then, then...... and the list grows and grows. Then FTA
begins to sound like a difficult proposition.
Also, I quite liked this comment on how free trade agreements work from the FT comments section: