A free trade area (FTA) is an agreement between two or more countries to reduce or eliminate trade barriers such as tariffs, quotas, and taxes. Synonyms for FTA include customs union, economic union, regional integration, and economic bloc. Customs union refers to an FTA with a common external tariff on goods imported from outside the group. Economic union involves deeper integration than a customs union, with a common currency, a unified monetary policy, and coordinated economic policies. Regional integration encompasses various forms and levels of economic cooperation, while economic bloc refers to a group of countries with similar economic policies and trade relationships with each other.