As a spirit for deeper integration, a set of developed and developing countries formalized GATT into WTO and trade to be governed by WTO rule based regime. Various efforts have been made at WTO forum to get meaningful market access to developing countries in earlier and the present round of WTO negotiations known as Doha Development Round. However, WTO member countries could notfind common grounds due to strict positions of developed countries and more informed/articulated positions (compared to earlier round) of developing countries on tariffs, subsidies and NTBs. Hence, Doha Development Round has not achieved success at WTO so far.
In present global policy framework, Regional Trade Agreements (RTAs) have become a critical trade policy instrument for both developed and developing countries as a result of slow progress in multilateralism at WTO. The number of RTAs as well as the world share of trade covered under them has been steadily increasing over the last decade and a half. The widespread of RTAs/FTAs has led to the debate whether they help or... [continues]
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