Regional Trade Agreements (ATRs) – The WTO uses the term “regional trade agreements” as a generic for all reciprocal agreements, such as trade agreements, free trade agreements and partial agreements. This is because such agreements were primarily within the jurisdiction of the WTO Regional Trade Agreements Committee. In reality, such trade agreements should not include members. B from the same region (e.g., EU-Canada or Peru-South Korea free trade agreements). First, it is one of the names that are sometimes used for free trade agreements, to emphasize their preferential nature, in contrast to trade liberalization under the WTO or unilateral reduction of tariffs. The Reciprocal Trade Agreements Act was signed on June 12, 1934 as part of the Roosevelt administration`s efforts to pull America out of the Great Depression. RTAA has been an integral step in the U.S. transition from economic crisis to global leadership. The FDR considered that a full and sustainable recovery depended on strengthening international trade to increase domestic growth and demand. To ensure our country`s place in the global economy, the U.S. President and Congress had to work together to negotiate trade agreements, reduce tariffs on goods and increase U.S. exports.
Strengthening international trade fostered the growth aspects of the New Deal`s domestic programs, and the successful implementation of the RTAA resulted in the conclusion of 19 new trade agreements between 1934 and 1939, strong growth in U.S. exports and a recovery of the U.S. economy. Eighty years later, the tradition of the Mutual Trade Agreements Act continues in the form of the Modern Trade Promotion Authority (TPA). Like President Roosevelt, President Obama has made trade policy a central part of his economic strategy to create jobs, stimulate growth and strengthen the middle class. In 2013, U.S. exports reached a record $2.3 trillion, an increase that accounts for one-third of total U.S. economic growth. In addition, each additional $1 billion in exports supported approximately 5,600 jobs in the United States, which cost an average of 13-18% more than non-export-related jobs.