While multilateral trade negotiations have stagnated and tensions between major players have surged, bilateral and regional agreements seem to have run away with the trade agenda. There are over 300 agreements today, up from 50 in 1990. Most importantly, many of these agreements have extended their reach well beyond tariffs, aiming to achieve integration beyond trade, or ‘deep’ integration. This column introduces a new eBook from CEPR and the World Bank that focuses on the determinants of deep trade agreements, how they affect trade and non-trade outcomes, and how they might shape trade relations in a post-COVID-19 world.
While the 164 members of the WTO have collectively failed to agree on new rules at the multilateral level (Evenett and Baldwin 2020), theyRead More »