Explain and elaborate the reasons of the recent increase in the Regional Trade Agreements. (This information...

Explain and elaborate the reasons of the recent increase in the Regional Trade Agreements. (This information is included in the Part II of the
WTO report).

Expert Solution

Nondiscrimination is one of the core principles of the World trade organization. While the members have committed to not favor one country over another, the regional trade agreement is an exception. Such agreements are discriminatory as only their signatories enjoy more favorable market access conditions and members of WTO recognize the legitimate role of RTAs which aim at facilitating trade between its parties but do not raise barriers with respect to any third parties.

The increase in RTAs has led to overlapping of its members which can hamper trade flows when traders combat to meet myriad sets of trade norms. As the scope of RTAs expands to induce policy areas not regulated in multitudes, it increases the risk of inconsistencies among other different agreements. Prior RTAs covered tariff liberalization and related rules such as trade defense, standards, and rules of origin etc. It has moved to include liberalisation of services and commitments in services rules, investment, competition, intellectual property rights, environment, and labor.

Rahul Sunny answered 2 years ago

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