A free trade area refers to a designated region or area where member countries have agreed to eliminate or reduce tariff and non-tariff barriers on goods and services amongst themselves. Synonyms for a freetrade area include a customs union, common market, open market, and free market zone. A customs union is where countries have a common external tariff on imported goods from non-member countries. A common market refers to a free trade area where there is free movement of capital, goods, and services and factors of production. An open market refers to a market where there are few, if any, barriers to trading. A free market zone is another word for a free trade area where goods and services can be traded freely without restrictions.