Impacts of Regional Trade Agreements on International Trade?
Volume III, Issue VI, 2020
The article talks various aspects to Regional Tarde agreements, dealing with its advent, reasons for the increase in RTAs, its impacts on global multilateral trading system and its advantages and Disadvantages. In present times Regional Trade agreements contributes to a major portion of Global trading working parallel with the Multilateral trading system of WTO. Every country wants to increase its economic growth and for that purpose Regional Trade agreements with the neighbour countries or the trading partners are not a bad option reducing trade barriers, Tariffs and other duties which are levied on the import & export generally. Some countries have even set a benchmark by adopting such policies in RTAs setting precedents for the multilateral trading system for future rule making. RTAs has gained so much scope that goes beyond current multilateral trading system including area like – Infrastructure, Investment, Intellectual property, Competition measures etc. The Article will discuss all the major impacts of Regional Trade agreements.
Keywords: Regional Trading System, Multilateral Trading System, Non-Discrimination, Trade Barriers, Developed & Developing Countries.