Examples Of Global Trade Agreements

By September 19, 2021 Uncategorized

Therefore, despite their considerable economic costs, trade barriers remain. For example, according to the U.S. International Trade Commission, the U.S. profit on lifting trade restrictions on textiles and clothing was nearly $12 billion in 2002 alone. This is a net economic profit after deduction of losses incurred by enterprises and workers in domestic industry. Nevertheless, domestic textile producers managed to convince Congress to maintain strict import restrictions. A regional trade agreement (RTA) is a treaty between two or more governments that sets out the trade rules applicable to all signatories. .