What economic model is characterized by the absence of tariffs or quotas on trade?

The Free Trade Model is characterized by the absence of tariffs or quotas on trade. This model encourages the unrestricted flow of goods and services between countries, promoting competition and fostering innovation by allowing consumers access to a wider variety of products at potentially lower prices. By eliminating trade barriers, the Free Trade Model aims to enhance overall economic efficiency and growth, as countries can specialize in the production of goods in which they have a comparative advantage.

In contrast, the Protectionist Model involves the use of tariffs and quotas to shield domestic industries from foreign competition, which can hinder free trade. The Regulated Trade Model typically implies government intervention to manage and control trade practices to achieve certain objectives, while the Fair Trade Model emphasizes equitable trading conditions, focusing on social and environmental standards rather than the complete absence of trade barriers.