51. Regionalism and the Multilateral Trading System
- Publication Date:
- 08-2003
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Regional trade agreements (RTAs) are an integral part of international trade, accounting for almost half of world trade and expected to grow further in the next few years. These agreements operate alongside global multilateral agreements under the World Trade Organization (WTO), and have both positive and negative effects. They can be attractive, for example, because it may be easier for a small group of neighbouring countries with similar concerns and cultures to agree on market opening in a particular area than to reach agreement in a wider forum such as the WTO. They can also offer new approaches to rule-making and so act as stepping stones on the way to a multilateral agreement.
- Topic:
- Diplomacy, Economics, International Organization, International Trade and Finance, and Political Economy