Number of Regional Trade Agreements in Force
23 October 2023•
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The First Major Regional Trade Agreement under the Aegis of the General Agreement on Tariffs and Trade Was the European Economic Community Established by the Treaty of Rome in 1958.
There are over 350 cumulative regional trade agreements in place. Plurilateral trade agreements divert interest away from more complicated multilateral negotiations and encourage trade among those who stand to benefit. This has led to an increase in the global value chains, which refers to international production sharing where production is broken into activities and tasks which are carried out in different countries and is estimated to account for 70% of all trade with the remaining 30% accounting for final goods, meant for the consumer.
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