Regional trade arrangement
Regional trade arrangement: RTA. A free-trade agreement, customs union or common market consisting of two or more countries (e.g. ANZCERTA, NAFTA or the European Community). Some analysts see RTAs as building blocks for a freer non-discriminatory multilateral trading system, others as agents for its undermining. Historically, many RTAs between developing countries never got past the initial planning stage. Nor did others turn into arrangements of genuine usefulness. Some of the more recent arrangements are much more likely to succeed. More than 200 regional trade arrangements have been notified to the GATT under Article XXIV (which provides the legal exemption from the need to extend most- favoured-nation treatment) between 1947 and the present. In the case of developed countries, duties and other restrictive measures of commerce have to be eliminated on substantially all the trade between the parties. John Whalley has listed six reasons why countries negotiate regional trade arrangements. First, they can obtain the traditional gains of trade. Second, countries use legally binding agreements to strengthen domestic policy reform. Third, countries hope to increase their multilateral
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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