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Hi. I'm writing an IA for international economics and I want to make sure that I understand the news correctly.

If peru signed an free trade agreement with costa rica and panama, would this be a free trade area or a preferential trade area?

This is the news: http://www.fis.com/fis/worldnews/worldnews.asp?l=e&country=0&special=&monthyear=&day=&id=42638&ndb=1&df=0

I'm also planning to write about trade creation. Is it suitable?

Any advice would be greatly appreciated!

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It is a free trade area because they are signing a free trade agreement.

A preferential trade area reduces tariffs and protectionism, but does not eliminate it, and so is not completely free trade. :)

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