In 2017, however, President Donald Trump pulled out of the TPP, and the middle-income member economies saw their dreams of improved market access being compromised. With such huge potential for trade and investments, MRTAs offer sufficient scope for global competitiveness, region-building and economic resilience. With more and more economies seeking to create trade for themselves, MRTAs will potentially prove to be a good bet. They are flexible and carry exceptions too, thus allowing member economies to go for non-conforming measures e.g., those related to investments. They are destined to contribute to trade facilitation, reduce trade costs and support trade creation within the congregation.

Source: The Times May 04, 2023 07:35 UTC