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The governance of global issues for international trade agreements has been a topic of discussion since Adam Smith's "The Wealth of Nations" in 1776. While economists generally agree that free trade enhances economic welfare, true free trade is rare. Even within the European Union, barriers to trade among member states still exist. Nevertheless, most countries aim for freer trade by entering into trade agreements with each other. These agreements serve to reduce tariffs, quotas, and other restrictions on products entering the market. Overall, the goal is to promote trade and economic growth among nations.
