Regional Trade Agreements and Their Impact on Globalization

Economists are still unaware as to whether regional trade agreements and trade hinder or promote globalisation. Given that they can be inclusive or exclusive, offer reciprocal trade to other countries or set high tariff walls, it appears that many countries are seeking membership to avoid being the one left out. As the World Trade Organisation works towards achieving unilateral reductions in protection to maximise the benefits of trade, it seems that those countries that are gaining the most from international flows of goods are those who only trade with a select few.
…