The proliferation of trading agreements and implications on human livelihood

Abstract

From the early 1950s until the late 1980s, the number of cumulative active regional trade agreements (RTAs) recorded by the World Trade Organization (WTO) did not even exceed 50. From 1992 onwards, the WTO recorded a more than fi vefold exponential increase with a total of 271 agreements in force as of February 2010. The recent economic crisis that affected many parts of the world has not dampened the spirit of FTA proliferation as new RTAs notifi ed in 2008 and 2009 continued to be strong (WTO Online 2010 ) . Ignoring Indian economist and academic Jagdish Bhagwati's call as early as 1991 to exercise caution and weigh the negative impacts of FTAs, states have been engaging one another for FTAs in a competitive pace and are considering them as gateways to explore new economic opportunities in an effort to reduce overreliance on traditional trade partners.