noun
Free Trade Agreement
Refers to a treaty between countries to reduce trade barriers. Common in economic and political news.
日本とEUの間でＦＴＡが発効した。
The FTA between Japan and the EU came into effect.
noun
free-trade area
A region where member countries have eliminated tariffs and quotas among themselves. Less common than the agreement sense; often context makes the distinction clear.
ASEANは自由貿易地域（ＦＴＡ）の形成を目指している。
ASEAN aims to form a free-trade area (FTA).