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International Trade & World Economy Case Studies » Trade Blocs, Free Trade Agreements and Preferential Trade Agreements: The New Drivers of World Trade
World War II left devastated a lot many industrialised economies then. One way to recoup was to mutually trade with those closer to home. Regional Trade Agreements (RTAs) were the norm in Europe, leading the way in 1950s with the initiation of European Coal and Steel Community (ECSC). Since then, the increasing number of regional trade blocs reflected an urge to integrate economies – for the potential benefits of scale, competition and location, offered by free trade. Though criticised – as motivated by political intentions rather than business objectives – the RTAs helped up global trade. However, as globalisation ushered in the new global trade order, which is believed to be based on business acumen, RTAs are said to have lost their relevance. This case helps debate if RTAs have outlived their purpose and to discuss the factors that guide international trade in the 21st century. The case can be used to analyse the importance of new trends in cross-border trade for Multinational (MNCs) and Transnational Companies (TNCs).

Pedagogical Objectives
  • To understand the need and relevance of trade blocs
  • To appreciate the enablers behind globalisation and their impact on MNCs
  • To highlight growing volumes of world trade and minimised political intervention in trade agreements.
 
AUTHOR(S) Raghava, Saradhi
INDUSTRY Not Applicable
AVAILABLE AT www.ibscdc.org www.ecch.com
REFERENCE NO. ITW0023
YEAR OF PUBLICATION 2008
TEACHING NOTE Available
STRUCTURED ASSIGNMENT Available
KEYWORDS
Trade Blocs; Free Trade Agreements; Preferential Trade Agreements; Absolute cost advantage; International Trade and World Economy Case Study; Comparative Cost Advantage; Foreign trade and trade barriers, Trade pacts and trade blocs; Globalisation; Phases of Globalisation; Regional Trade Agreements; Imports and exports; Foreign trade; Global inflationary pressures
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