Regional trading agreements have both benefits and costs, such as stimulating growth and investment, but also potentially diverting trade in inefficient ways. The World Bank is researching how to manage these agreements to maximize benefits. They are looking at areas like harmonizing technical standards, equalizing taxes, and managing trade policies. The research also focuses on the impact of regional agreements on global trade systems and political stability. The World Bank has studied specific regional agreements like the EU-Mediterranean Association Agreements and is planning future work on African and Asian integration schemes.