What is Reciprocal Trade Agreement in Retail? Explained

A Reciprocal Trade Agreement involves a mutual understanding or pact between two or more parties, typically countries or trading entities, to reduce or eliminate trade barriers and restrictions. These agreements aim to promote fair and balanced trade by allowing each participating party to benefit from improved market access, tariff reductions, and other favorable trade conditions. Reciprocal trade agreements are negotiated to create a more open and equitable trading environment, fostering economic cooperation and facilitating the exchange of goods and services among the involved entities. Such agreements often play a crucial role in promoting international commerce and economic growth.