You Should Experience RTAs Evolution

 RTAs evolution from 1948 to 2020

 

By author,

 

The globalization pattern is moving toward regional economic integration. As a result, regional trade agreements are increasing day by day. With the number of agreements the trading nature also changing. In 1990, 50 RTAs were in force which is increased more than 280 in 2017, and in 2020 the RTAs were in force more than 306.

 

In previous years trade agreements mainly focused on goods and services. Now trade agreements not only focusing on goods and services but also focusing on different trading policy areas such as competition policy, government procurement rules, and intellectual property rights. These policies may boost trade, FDI, and the global value chain.

 

There are different types of RTAs.The most recognized FTAs are NAFTA, EFTA, ASEAN. The most recognized custom unions are EU, SACU, ECOWAS. The most recognized common markets are the EU, MERCOSUR, GCC. The most recognized economic unions are the EU, CIS, United States of Russia, and Belarus. In all of these trading agreements, there are some major trading partners. Such as EU, EFTA, SACU member countries. Partners are now focusing on trade liberalizations. That means “complete free trade”. parties trying to reduce border restrictions, customs duties to imports, elimination of customs duties to exports, etc.