They are products of politics as much as economics. The Trans Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) conform to this pattern.
Explanations for the adoption of second-best strategies are driven more by political considerations than economic ones. Notwithstanding a broad consensus amongst economists and trade policy officials that PTAs and RTAs are sub-optimal when compared with multilateralism, they continue to flourish. SummaryĬommitments to trade multilateralism under the aegis of the WTO have, over the last decade, weakened in the face of protectionist urges after the 2008 financial crisis and the rising pressures for mega-regional Preferential Trading Arrangements (PTAs) and smaller regional trading arrangements (RTA). There are lessons for Europe to learn from the experience of the Trans Pacific Partnership (TPP).
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