Trade Agreements Reshape Global Commerce, Altering Economic Landscapes
The article discusses how tariffs on international trade have been decreasing due to trade agreements. It introduces two new indices to measure the value of preferential trade access. One index measures the advantage of exports from a country compared to similar exports from other countries. The other index calculates the potential value of preferential access. These indices help assess the strength of trade agreements and predict the impact of other countries' agreements on trade preferences.