Regional trade agreements are very difficult to conclude and claim when countries are more diverse. Detailed descriptions and texts of many U.S. trade agreements can be accessed through the Left Resource Center. Trade pacts are often politically controversial because they can change economic practices and deepen interdependence with trading partners. Improving efficiency through “free trade” is a common goal. Most governments support other trade agreements. The United States has another multilateral regional trade agreement: the Dominican Republic-Central America Free Trade Agreement (CAFTA-DR). This agreement with Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua eliminated tariffs on more than 80% of U.S. exports of non-textile goods. Regional trade agreements vary depending on the level of engagement and agreement between member states.
However, it is unlikely that trade in financial markets is completely free in this day and age. There are many supranational regulatory bodies for global financial markets, including the Basel Committee on Banking Supervision, the International Organization of the Financial Markets Authority (IOSCO) and the Committee on Capital Movements and Invisible Transactions. Unlike a customs union, parties to a free trade agreement do not hold common external tariffs, i.e. different tariffs, or other policies concerning non-members. This function allows non-parties to free themselves as part of a free trade agreement by entering the market with the lowest external tariffs. Such a risk requires the introduction of rules for determining which products originate may be preferred under a free trade agreement, which is not necessary for the establishment of a customs union.  In principle, there is a minimum processing time leading to a “substantial processing” of the products, so they can be considered original products. By the definition of products originating in the PTA, the preferential rules of origin distinguish between domestic and non-origin products: only the former are eligible for preferential tariffs provided by the ESTV, which must pay the import duties of the MFN.  Another important type of trade agreement is the Trade and Investment Framework Agreement. TIFA provides a framework for governments to discuss and resolve trade and investment issues at an early stage.