According to this article, the growth of world trade has slowed in recent years, so that liberalization continues to accelerate thanks to regional trade agreements (RTA). The number of ATRs has increased from about 70 in 1990 to almost 300 today. Click on the article, and you`ll see that the graph below shows some of the biggest. Currently, two RTAs (with similar confusing initials) are making headlines. Some of these agreements are free trade agreements that include a reduction in import customs and non-tariff controls in order to liberalize trade in goods and services between countries. This agreement focuses on regulatory and other non-tariff barriers, as taxes on most products traded across the Atlantic are already close to zero (with the exception of running shoes and unusual chocolate). Negotiators dream of a world where medicines are subject to the same control systems, where the standards of everything from automotive design to chemical labelling are harmonized or mutually recognized. The potential benefits are difficult to assess and controversial. The Trans-Pacific Partnership (TPP) would link 11 Pacific economies – including Japan and Singapore – to the United States. Together, these 12 countries account for 40% of global GDP and one third of trade. Meanwhile, the Transatlantic Trade and Investment Partnership (TTIP) is an ambitious trade agreement between the US and the EU.
Here are the main types of integration that we will consider. There are some interesting examples in emerging and developing countries – to what extent can economic integration act as a catalyst for more trade and investment, growth and development? Some useful business data is available on the Economist website. There is a practical breakdown of the world`s largest importers and exporters – data that also shows where the largest current account surpluses and the largest deficits are. However, the article focuses on the difficult decision on global trade agreements and the resulting growth of regional trade agreements (ATTs). Among the most elaborate ATRs are rules on investment flows, coordination of competition policies, agreements on environmental policies and the free movement of workers.