Regional Trade Agreements (RTAs)

Regional Trade Agreements (RTAs) are agreements between neighboring countries to promote economic cooperation and reduce trade barriers like tariffs and import restrictions. These agreements aim to facilitate easier and more cost-effective movement of goods, services, and investments across member countries, boosting regional economic growth. Examples include free trade areas, customs unions, and common markets. RTAs help countries enjoy better access to each other's markets, encourage specialization, and foster closer political and economic ties within the region. However, they can also influence global trade dynamics, affecting non-member countries differently.