Such policy would protect the Free Market and keep it from being corrupted by nations wholly incompatable with the free market that took advantage of it without providing any benefit off freedom to their people (which would provide us with the benefit of a compatible market to trade in).
If a nation did conform, and if they practiced proven republican prinicples of government that allowed their people true liberty based on fundamental moral principle, then their access to our markets and our access to their markets would be open and principally subject to the true free market control.
But that access would have to work both ways, and the people there would have to truly be free to excel, to innovate and to raise themselves up in their own society...purchasing whatever our economy could provide for them while we did likewise.
IMHO, that's free trade as it should be, and it means free market trade between FREE nations...which enhances, grows and strengthens the free market, instead of watering it down, diluting and corrupting it which is what we are presently doing.
Such an agreement would not be offerred at all to nations who were the anti-thesis of those Republican principles.