There are a large number of trade agreements; some are quite complex (European Union), while others are less intense (North American Free Trade Agreement).  The degree of economic integration that results from this depends on the specific nature of the trade pacts and policies adopted by the trading bloc: “trade agreements”. Merriam-Webster.com dictionary, merriam weaver, www.merriam-webster.com/dictionary/trade%20agreement. Retrieved November 30, 2020. However, it is unlikely, in our time, that free trade in financial markets will be completely free. There are many supranational organizations regulating global financial markets, including the Basel Committee on Banking Supervision, the International Organization of the Securities Commission (IOSCO) and the Committee on Capital Movements and Invisible Transactions. The creation of free trade areas is considered an exception to the most-favoured-nation principle within the World Trade Organization (WTO), since the preferences that parties to a free trade area grant exclusively to each other go beyond their accession obligations.  Although Article XXIV of the GATT allows WTO members to establish free trade areas or to adopt interim agreements necessary for their establishment, there are several conditions with respect to free trade areas or interim agreements that lead to the creation of free trade areas. Originally, the General Agreement on Tariffs and Trade (GATT 1994) defined the Free Trade Agreement to cover only trade in goods.  Article V of the General Agreement on Trade in Services (GATS) defines “economic integration agreement” as an agreement with a similar purpose, i.e. to promote the liberalization of services.  However, in practice, the term is now often used to refer to agreements that include not only goods, but also services and even investments. Environmental provisions have also become increasingly common in international investment agreements, such as free trade agreements.:104 The North American Free Trade Agreement (NAFTA) of January 1, 1989, when it entered into force, was between the United States, Canada and Mexico, this agreement was designed to eliminate customs barriers between different countries. The second way in which free trade agreements are seen as public goods is related to the changing trend towards them becoming “deeper”. The depth of a free trade agreement concerns the additional types of structural policies it covers. While older trade agreements are considered “flat” because they cover fewer areas (such as tariffs and quotas), recently concluded agreements deal with a number of other areas, from services to e-commerce to data localization. Since transactions between parties to a free trade agreement are relatively less onerous than transactions with non-parties, free trade agreements are generally considered to be excluded. Now that deep trade agreements will improve regulatory harmonization and increase trade flows with non-parties, thereby reducing the applicability of the benefits of the FTA, next-generation free trade agreements retain essential features of public goods.  The United States currently has a series of free trade agreements. These include multinational agreements such as NAFTA (NAFTA), which covers the United States, Canada, and Mexico, and the Central American Free Trade Agreement (NAFTA), which covers most Central American nations. .