These tariff preferences have led to many departures from the principle of normal trade relations, namely that members of the World Trade Organization (WTO) should apply the same tariff to imports from other WTO members.  The free trade area and customs union deal with both tariffs and trade. However, they differ in many respects. In addition, free trade is now an integral part of the financial and investment systems. U.S. investors now have access to most foreign financial markets and a wider range of securities, currencies and other financial products. A free trade area deals with the abolition of tariffs and trade measures applied to Member States. This means that there are no common policies that apply to all members and that each country in the free trade area imposes its own tariffs and quotas. The second advantage is that it increases trade for each participant. Their businesses benefit from low rates. This makes their exports cheaper. Few issues divide economists and the scope of public opinion as much as free trade. Studies show that economists at U.S.
university faculties are seven times more likely to support a free trade policy than the general public. In fact, the American economist Milton Friedman said: «The economic profession was almost unanimous on the question of the desire for free trade.» They do not have as much impact on economic growth as a multilateral agreement. Governments with free trade policies or agreements do not necessarily abandon import and export controls or eliminate all protectionist policies. In modern international trade, few free trade agreements lead to completely free trade. An internal market actually creates a level playing field for each member and includes not only tradable goods and products, but also allows citizens of each Member State to work freely throughout the region. The main conditions of free trade agreements and free trade zones are: a preferential trade zone (including preferential trade agreements, PTA) is a trading bloc that offers preferential access to certain products from participating countries. This requires a reduction in tariffs, but not in their total abolition. A ZEP can be implemented through a trade pact. This is the first step in economic integration. The border between a EPZ and a Free Trade Area (EEA) can be blurred, as almost all ATPs have the main objective of becoming a free trade agreement in accordance with the General Agreement on Tariffs and Trade. Unsurprisingly, financial markets see the other side of the coin. Free trade is an opportunity to open up another part of the world to local producers.