Which are the top 10 most significant changes in international trade agreements affecting businesses this year?

1 minute, 34 seconds Read

1. United States-Mexico-Canada Agreement (USMCA): The replacement of the North American Free Trade Agreement (NAFTA) with the USMCA brought significant changes to trade rules among the three member countries.

2. United Kingdom-European Union Trade and Cooperation Agreement (Brexit Deal): The agreement between the UK and the EU after Brexit determines new trade rules, tariffs, and quota arrangements between the two entities.

3. Regional Comprehensive Economic Partnership (RCEP): This agreement, signed by 15 countries including China and other ASEAN nations, creates the world’s largest free trade area and significantly affects trade relations in the Asia-Pacific region.

4. Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP): This trade agreement, consisting of 11 countries including Japan, Canada, and Australia, eliminated or reduced tariffs and other trade barriers, impacting businesses within the participating nations.

5. African Continental Free Trade Area (AfCFTA): The AfCFTA, which came into effect in January 2021, creates a single market among 54 African Union member states, promoting intra-African trade and economic integration.

6. Digital Economy Partnership Agreement (DEPA): DEPA, signed by New Zealand, Singapore, and Chile, aims to facilitate digital trade and set new standards for data protection and e-commerce regulation.

7. Phase One Trade Deal between the US and China: This deal marked a partial resolution to the ongoing trade tension between the two countries, addressing issues such as intellectual property protection, technology transfer, agriculture, and financial services.

8. United States-India Trade Deal: Trade negotiations between the US and India have the potential to significantly impact various sectors and trade barriers, including tariffs on goods and market access.

9. Updated Mercosur-European Union Free Trade Agreement: Mercosur and the EU concluded a new trade deal that aims to enhance trade and investment flows between the two regions by eliminating duties and reducing barriers.

10. United States-Taiwan Trade Relations: Discussions on expanding trade relations, increasing market access, and addressing various trade issues between the US and Taiwan have the potential to create significant opportunities for businesses in both countries.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *