A regional trade agreement is a term used to describe the free trade conducted by a number of nations in a particular region. Regional trade agreements became popular somewhere in the 1990s and as of 2007 more than 205 agreements have been in effect. The World Trade Organization or the WTO has set some standards that are to be followed in relation to the regional trade agreements. However most of the RTA participants rarely follow these rules and regulations. Benefits of RTA: Over the years more and more countries have adopted the methods of Regional Trade Agreements. Regional trade agreements are an efficient way to liberalize global trade. Regional Trade Agreements yield results faster than multilateralism. RTAs allow the parties to make more lasting agreements and even help resolve issues that cannot be solved using the multilateralism process.
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