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But there are around regional trade agreements already in force around the world, according to the World Trade Organization. Although not all are free trade agreements FTAs , they still shape global trade as we know it. The free movement of goods and services, both in the sense of geography and price, is the foundation of these trading agreements. However, tariffs are not necessarily completely abolished for all products. Free trade between the three member nations, Canada, the US and Mexico, has been in place since January According to the US government , trade with Canada and Mexico supports more than , small and medium-size businesses and over 3 million jobs in the US.
Gains in Canada are reportedly even higher, with 4. The country is also the largest exporter of goods to the US. However, the Council on Foreign Relations suggests that the impact on Mexico is harder to assess. Per capita income has not risen as fast as expected; nor has it slowed Mexican emigration to the US.
However, farm exports to the US have tripled since , and the cost of goods in Mexico has declined. Four countries have subsequently joined: Vietnam, Laos, Myanmar and Cambodia. The bloc has largely removed all export and import duties on items traded between the nations.
The agreement has therefore helped to dramatically reduce the cost of trade for a huge number of businesses and people. Internal disputes have slowed progress towards removing tariffs and the free movement of people and goods. Its primary focus, according to the United Nations , is to establish a large economic and unit to overcome barriers to trade. COMESA utlimately aims to remove all barriers to intra-regional trade, starting with preferential tariffs and working towards a tariff-free common market and economic union.
The EU is a single market, which is similar to a free trade area in that it has no tariffs, quotas or taxes on trade; but a single market allows the free movement of goods, services, capital and people.
The EU strives to remove non-tariff barriers to trade by applying the same rules and regulations to all of its member states. The region-wide regulations on everything from working hours to packaging are an attempt to create a level playing field. This is not necessarily the case in a free trade area. The creation of the single market was a slow process. However, it was not until that the Single European Act was signed. This treaty formed the basis of the single market as we know it, as it aimed to establish the free-flow of trade across EU borders.
By this process was largely complete, although work on a single market for services is still ongoing. However, by removing tariffs and other barriers to trade, the agreement hopes to further develop economic ties and boost economic growth. Like the TPP, it aims to cut tariffs and regulatory barriers to trade. Among these is the removal of customs duties, according to the EU's negotiation factsheet. Trade agreements are an integral part of making this a reality. What's the deal with global trade and investment?
What does it mean for the future of transatlantic trade? After Nairobi, what lies ahead for world trade? Joe Myers , Formative Content. The views expressed in this article are those of the author alone and not the World Economic Forum.
Jem Bendell 12 Apr More on the agenda. Explore the latest strategic trends, research and analysis. What exactly are free trade areas? What about the European Union? Written by Joe Myers , Formative Content. International Trade and Investment View all. The global liberal order is in trouble - can it be salvaged, or will it be replaced? Robert Muggah 10 Apr Africa has a new free trade area. Beware the fragility of the global economy Alberto Gallo 23 Mar