Free Trade Agreements, from GATT 1947 through NAFTA Re-Negotiated 2018

Free trade agreements (FTAs) have become dominant in global trade, with over half of all international trade taking place under them. The Canada-U.S. FTA of 1989 re-awakened the sleeping giant, and NAFTA triggered an onslaught of diverse and complex FTAs. President Trump's hostility to existing trade agreements led to the increase of FTAs, with the USMCA taking effect in 2021. BREXIT caused the UK to seek and obtain dozens of FTA agreements with EU FTA partners. President Biden has shown little interest in new U.S. FTAs.

Format: Paperback / softback
Length: 870 pages
Publication date: 30 August 2022
Publisher: West Academic Publishing

The prevalence of free trade agreements (FTAs) has surged to dominate global trade, a trend that is projected to endure for an extended period across all continents. Currently, a remarkable over half of all international trade transpires under the framework of FTAs.

The origins of FTAs and customs unions (CUs) under Article 24 of the General Agreement on Tariffs and Trade (GATT) are explored in Free Trade Agreements 2d. Article 24 allows for the creation of these agreements but also attempts to regulate them, a measure that proved unsuccessful in the early stages. For decades, FTAs remained relatively dormant, but their revival was sparked by the groundbreaking Canada-U.S. FTA of 1989. In 1994, the North American Free Trade Agreement (NAFTA) triggered a wave of diverse and intricate FTAs across the globe, ultimately overshadowing the impact of the establishment of the World Trade Organization (WTO) in 1995.

However, the trade landscape underwent significant changes when President Trump took office, with his hostility towards existing trade agreements such as the Trans-Pacific Partnership (TPP-12), the WTO, the EU, the U.S.-Korea FTA, and NAFTA leading to an increase in the number of FTAs. As America's trade partners and competitors sought to secure trade deals without the United States, a flurry of agreements emerged. Notable examples include the TPP-11, the Japan-EU FTA, the expanded Mexico-EU FTA, the MERCOSUR-EU FTA, and the China-driven Regional Comprehensive Economic Partnership (RCEP) of 2020, primarily driven by China.

In the case of NAFTA, President Trump ultimately agreed to renegotiate the agreement, resulting in the United States-Mexico-Canada Agreement (USMCA), which came into effect on July 1, 2021. The completion of Brexit in 2020 prompted the United Kingdom to pursue and secure numerous FTA agreements with EU FTA partners, as well as independently with Australia and others. President Biden, on the other hand, has shown limited interest in pursuing new FTAs, particularly with the United Kingdom.

This comprehensive book delves into these developments, catering to a global audience comprising students, professors, lawyers, government officials, and individuals engaged in business, with a keen interest in the law, opportunities, and economics of free trade.

Weight: 1122g
Dimension: 236 x 159 (mm)
ISBN-13: 9781685611552
Edition number: 2 Revised edition