The benefits of free trade were outlined in On the Principles of Political Economy and Taxation, published in 1817 by the economist David Ricardo. However, it is unlikely, in our time, that free trade in financial markets will be completely free. There are many supranational organizations regulating global financial markets, including the Basel Committee on Banking Supervision, the International Organization of the Securities Commission (IOSCO) and the Committee on Capital Movements and Invisible Transactions. Overall, these agreements mean that, according to the government, about half of the goods that arrive in the United States are duty-free. The average import duty on industrial goods is 2%. A free trade agreement is a pact between two or more nations to reduce import and export barriers between them. .