Economic and Monetary Union (EMU) is a key element of the integration of competition and includes a single economic market, a common trade policy, a single currency and a common monetary policy. There are three different types of trade agreements. The first is a unilateral trade agreement if one country wants certain restrictions to be enforced, but no other country wants them to be imposed. It also allows countries to reduce the amount of trade restrictions. It is also something that is not common and could affect a country. A common market is a kind of trade agreement in which members remove internal trade barriers, adopt common policies on relations with non-members and allow members to move their resources freely among themselves. There are several phases of the process of economic integration, ranging from a very flexible association of countries in a preferential trade area to full economic integration, where member states` economies are fully integrated. Regional trade agreements depend on the level of commitment and agreement between member states. Businesses in Member States benefit from increased incentives to trade in new markets as a result of the measures contained in the agreements. The main characteristic of a common market is the extension of the free trade of only material goods to all economic resources. This means that all barriers will be removed to allow the free movement of goods, services, capital and labour. Economic integration can be divided into five levels of integration, each of which is present in the global landscape: Free Trade Zones (FTA) are created when two or more countries in the same region agree to remove or remove trade barriers to all other members` products.
The North Atlantic Free Trade Agreement (NAFTA) is an example of such a free trade area and covers the United States, Canada and Mexico. A trade agreement signed between more than two parties (usually neighbouring or in the same region) is considered multilateral. They face the main obstacles – to content negotiation and implementation. The more countries involved, the more difficult it is to achieve mutual satisfaction. Once this type of trade agreement is governed, it will become a very powerful agreement. The larger the GDP of the signatories, the greater the impact on other global trade relations. The largest multilateral trade agreement is the North American Free Trade Agreement between the United States, Canada and Mexico.  Regional trade agreements are multiplying and changing their type. In 1990, 50 trade agreements were in force. In 2017, there were more than 280.
In many trade agreements, negotiations today go beyond tariffs and cover several policy areas relating to trade and investment in goods and services, including rules that go beyond borders, such as competition policy, public procurement rules and intellectual property rights.