Trade and economic agreement
Trade and economic agreement: TEA. An imprecise term for an agreement between two or more countries, intended to cover part or all of their trade and economic relations. TEAs frequently have treaty status. The contents and structure of TEAs vary greatly. The simpler ones sometimes contain little more than assurances of most-favoured-nation treatment and best-endeavour undertakings to promote the expansion of trade and economic relations with the other party or parties or to consider sympathetically any trade issue that may arise between them. More complex TEAs can commit the partners to adopt trade facilitation measures, to engage in a regular structured dialogue and to work towards solutions to specific trade issues. TEAs do not normally contain free-trade provisions, but there would be no impediment to including a free-trade agreement in the framework of a TEA.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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