International trade agreements and their member countriesTrade agreements are essential components of a country's economy and foreign policy. Apart from individual embargoes, trade in goods or services between all countries is also possible without corresponding trade agreements, but is often associated with time-consuming and costly regulations.
The basis of a trade agreement is to mutually simplify trade for selected or even all groups of goods and, for example, to waive customs duties and import restrictions. In some cases, simplified payment procedures also apply between the participating countries. From a legal perspective, such an agreement also has a status under international law.