A regional trade agreement (RTA) is a treaty between the governments two or more countries; it lays down the rules of trade for all signatories.
Few Examples of regional trade agreements include the North American Free Trade Agreement (NAFTA), Central American-Dominican Republic Free Trade Agreement (CAFTA-DR), the European Union (EU) and Asia-Pacific Economic Cooperation (APEC).
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As per WTO, Regional Trade Agreement (RTAs) are defined as reciprocal trade agreements amongst two or more partners, including free trade agreements and custom unions.
Regional trade agreements, in general, are of the following types:
- Custom Union
- Free Trade Agreement
- Common Market
- Economic Union
- Preferential Trade Agreement.
Here are some RTAs and their member countries.
North American Free Trade Area (NAFTA):
US, Canada & Mexico
Andean Community
Bolivia, Chile, Ecuador, Colombia, Peru
Common Market of the South (MERCOSUR)
Brazil, Argentina, Paraguay and Uruguay
European Union
28 European countries in July 2013
South Asian Free Trade Area
India, Pakistan, Sri Lanka, Bangladesh, Nepal, Maldives & Bhutan
Economic Community of West African States (ECOWAS)
15 West African countries including Nigeria
Useful Links
RTAs on WTO.org
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