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Globalization in an Age of CrisisMultilateral Economic Cooperation in the Twenty-First Century$
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Robert C. Feenstra and Alan M. Taylor

Print publication date: 2014

Print ISBN-13: 9780226030753

Published to Chicago Scholarship Online: September 2014

DOI: 10.7208/chicago/9780226030890.001.0001

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Preferential Trade Agreements and the World Trade System: A Multilateralist View

Preferential Trade Agreements and the World Trade System: A Multilateralist View

Chapter:
(p.131) 4 Preferential Trade Agreements and the World Trade System: A Multilateralist View
Source:
Globalization in an Age of Crisis
Author(s):

Pravin Krishna

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226030890.003.0005

After several decades a reasonable assessment of preferential trade agreements (PTAs) can be made using evidence drawn from a broad sample of experiences. The results are mixed, but there is doubt that PTAs are, as yet, a big factor. PTAs currently cover only a small fraction of trade in terms of the actual amount of liberalization achieved (that is, above and beyond multilateral agreements). Intra-PTA trade shares are small in most cases and the institutional aspects of “deep integration” do not seem to be advanced that much by PTAs. PTAs have not achieved as much as might be thought, and that the multilateral process has been, and remains, central to the trade liberalization process.

Keywords:   Preferential trade agreements, Trade liberalization, Multilateral agreements

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