As an SEO copy editor, I`m here to answer a burning question: how many free trade agreements are there? Free trade agreements (FTAs) are treaties between two or more countries that aim to reduce barriers to trade and increase economic cooperation. These agreements are designed to boost global trade and investment, lower consumer prices, and create jobs. So, let`s dive into the numbers.
Firstly, it`s important to note that the number of free trade agreements is constantly changing. New agreements are being negotiated and signed every year, while some existing agreements expire or are terminated. According to the World Trade Organization (WTO), there are currently 164 active free trade agreements in force around the world. These agreements involve more than 50 countries, covering over 60% of global GDP.
The largest free trade agreement in the world is the Regional Comprehensive Economic Partnership (RCEP), which was signed in November 2020 by 15 Asia-Pacific countries. The RCEP covers almost one-third of the world`s population and GDP and is expected to boost economic growth and trade in the region.
Other notable free trade agreements include the North American Free Trade Agreement (NAFTA), which governs trade between the United States, Canada, and Mexico, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which includes 11 countries in the Asia-Pacific region, including Japan, Australia, New Zealand, and Canada.
While free trade agreements can bring many benefits, they are not without controversy. Critics argue that these agreements can lead to job losses in certain industries and that they can favor large corporations over small businesses. Additionally, negotiating and implementing these agreements can be a lengthy and complex process, involving multiple stakeholders and interest groups.
In conclusion, the number of free trade agreements is constantly changing, but currently, there are 164 active agreements in force around the world. These agreements aim to reduce barriers to trade and increase economic cooperation between countries, but they are not without controversy. As the global economy continues to evolve, it`s likely that we`ll see more countries negotiating free trade agreements in the years to come.