Deep Trade Agreements Boost Global Welfare by Over 40%
The research looked at how special agreements between countries changed trade and benefits. Instead of just reducing taxes on goods, these agreements also tackled other trade barriers. The agreements made global trade in goods and services increase by more than 50%. They also brought about 40% of the total trade benefits globally, with advanced countries getting more. China, India, and the Eastern part of Europe gained the most from these deals. China and India mainly got benefits from less taxes, while Eastern Europe got from these agreements when they joined the EU. The UK could face losses when leaving a strong deal unless it makes new deep trade deals with other big partners.