FICT Free Trade Agreement (FFTA)
The FICT Free Trade Agreement (FFTA) is an agreement between member states of the Forum for International Cooperation and Trade (FICT), open to observers, proposed to be adopted in the FICT Council Meeting of April 4, 2012, but approved in the FICT Council Meeting of June 26-28, 2012 and abolished on the seventh General Assembly in Bizet on May 7, 2016. The FFTA was at the same GA replaced by the Free Trade Agreement of Bizet.
text of the agreement
- The member states of the Forum for International Cooperation and Trade (FICT) and other signatory states herein, together called "participating states", shall not impose, directly or indirectly, on the products of other participating states any internal taxation of any kind in excess of that imposed directly or indirectly on similar domestic products.
- Furthermore, no participating state shall impose on the products of other participating states any internal taxation of such a nature as to afford indirect protection to other products or impose protectionist measures of any kind.
- Unprocessed agricultural and unprocessed fishery products are excluded from this agreement.
All states that become members of FICT after 28 June, 2012 are automatic participants in the agreement.
States that were already members on that date may need a ratification procedure. This depends on whether that member state legally allows its government to enter into 'additional treaties' as mentioned in article 59 of the Ísðor Treaty without separate ratification by parliament. Or alternatively, ratification is also not necessary if the parliament of that member state explicitly instructed its government to sign the treaty. (In the first case ratification is 'automatic', in the second case it is 'pre-approved'.)
Other participants, which can only be observers of FICT, need ratification after signature.