Globalization Undermined as Trade Blocs Proliferate, Challenging Multilateral Order
Regional Trade Agreements (RTAs) are deals where countries give each other special trade benefits. These agreements can go against the rules of the World Trade Organization (WTO) that promote fair trade for all. The number of RTAs has increased a lot in recent years, covering more than just trade. Some experts worry that too many RTAs could harm global trade. The WTO has a committee to check RTAs, but it has struggled to do its job well. In 2006, new rules were made to make RTAs more transparent, but their effectiveness is still unknown. This article looks at the current situation of RTAs, discusses the issues they raise, and emphasizes the importance of understanding why there are so many RTAs.