Regional trade agreements: Challenges and opportunities

In sharp contrast to only 25 regional trade agreements (RTAs) notified to the General Agreement on Tariffs and Trade (GATT) and still in force*, today there are 290 RTAs notified and in force around the world. RTAs have also become more ambitious over time, frequently including not just tariff liberalization between the parties but also other issues. Today over half of all RTAs notified contain commitments to liberalize trade in goods, services and investment. Moreover, World Trade Organization (WTO) members remain actively involved in negotiating new RTAs, suggesting the rapid growth of such agreements since the early 1990s is set to continue.