Preferential trade agreements fading, free trade agreements on the rise.
Preferential trade agreements (PTAs) have been used by developed countries to help developing countries by giving them special trade benefits. However, these agreements can create problems for developing countries when the benefits are taken away. As a result, many developing countries are changing their PTAs into free trade agreements (FTAs) to keep access to important markets. A study found that there are now more FTAs than PTAs, showing a shift in international trade relationships.