Question

Name several of the international treaties where countries negotiate with each other over trade policy.

Short answer

Some notable international trade agreements where countries negotiate trade policy include the World Trade Organization (WTO), the North American Free Trade Agreement (NAFTA), the European Union (EU), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the African Continental Free Trade Area (AfCFTA).

Step-by-step solution

Understand International Trade Agreements

International trade agreements are treaties negotiated between countries that outline the rules governing their trade relations. These agreements help promote international trade by reducing trade barriers, providing a stable legal framework, and fostering cooperation among member countries.

List some well-known international trade agreements

Here are some notable international trade agreements: 1. World Trade Organization (WTO): The WTO is the largest and most comprehensive agreement, with 164 member countries. It provides a framework for trade negotiations and dispute resolution among its members. 2. The North American Free Trade Agreement (NAFTA): It is a trade agreement between the United States, Canada, and Mexico that eliminated most tariffs and trade barriers among these three countries. 3. The European Union (EU): It is a political and economic union of 27 European countries. The EU has created a single market with standardized laws for member countries, allowing for the free movement of goods, services, capital, and people. 4. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP): It is a free trade agreement among 11 countries from the Asia-Pacific region, including Australia, Canada, Japan, and Mexico. The CPTPP aims to reduce tariffs, increase market access, and promote cooperation among member countries. 5. The African Continental Free Trade Area (AfCFTA): The AfCFTA is a free trade agreement among 54 of the 55 African Union nations with the aim of creating a single market for goods and services, which will help promote regional integration and economic growth in Africa. By listing these international trade agreements, we can see the variety of treaties where countries negotiate with each other over trade policy.