13/12/20 14:51 PM IST
Free trade agreement: This is what the EU and the UK are trying to agree - a deal between countries that encourages trade by getting rid of barriers like taxes on goods
WTO rules: If countries don't have free trade agreements, they must trade according to rules set by a global body called the World Trade Organization (WTO), which generally involve tariffs, which are taxes on goods brought into a country.
Source: The Hindu
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