Table of Contents

Handbook on International Trade Policy

Handbook on International Trade Policy

Elgar original reference

Edited by William A. Kerr and James D. Gaisford

The Handbook on International Trade Policy is an insightful and comprehensive reference tool focusing on trade policy issues in the era of globalization. Each specially commissioned chapter deals with important international trade issues, discusses the current literature on the subject, and explores major controversies. The Handbook also directs the interested reader to further sources of information.

Chapter 8: Overview of Trade Agreements: Regional Trade Agreements

Nicholas Perdikis

Subjects: economics and finance, international economics


Nicholas Perdikis Introduction The majority of WTO members are also participants in at least one regional trade agreement (RTA). The popularity of RTAs among trading nations is not in doubt. Since the early 1980s there has been a surge in their number. The WTO claims that 250 RTAs were notified to it by the end of 2002. Of these 130 were ratified after 1995 with an additional 70 in operation but not yet ratified. The WTO estimates that by the end of 2005 if the RTAs that are planned or under negotiation come on stream the total number in existence could be in the region of 300 (WTO 2004 a,b,c,d). This chapter will examine the reasons behind this growth, their relationship to and the potential effect on the multilateral trading system, and the way GATT/WTO rules have dealt with them. The scope of Regional Trade Agreements (RTAs) The Dictionary of Trade Policy Terms describes Regionalism or the process by which RTAs come about as ‘actions of governments to liberalise or facilitate trade on a regional basis, sometimes through free trade areas or customs unions’. The WTO definition is, however, both more specific and more general. It is more specific because its provisions relate to the conditions of preferential trade liberalization. The meaning is more general because RTAs may be concluded between countries that are not geographically proximate (WTO, 2004e). RTAs can vary in both their coverage and in the depth...

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