Almost every country on earth belongs to a regional trade area (RTA). After World War II, RTAs numbered in the single digits. Between 1990 and 2006, partly in response to the World Trade Organization ..
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Almost every country on earth belongs to a regional trade area (RTA). After World War II, RTAs numbered in the single digits. Between 1990 and 2006, partly in response to the World Trade Organization (WTO)‘s faltering efforts to create a global economic system, RTAs went from around thirty to almost 200 (International Monetary Fund 1994; Frankel 1997; Urata 2002). The most prominent examples include the North American Free Trade Agreement (NAFTA), the Free Trade Area of the Association of Southeast Asian Nations, the South African Development Community Protocol on Trade, South America’s Mercosur (Southern Common Market), and the European Union (EU).
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