15. Baccini L, Urpelainen J. International institutions and domestic policy: can preferential trade agreements help heads of state and government promote economic reforms? J Polit. (2014) 76:195-214. doi: 10.1017/S00223813001278 In the United States, the Office of Bilateral Affairs minimizes trade deficits by negotiating free trade agreements with new countries, supporting and improving existing trade agreements, encouraging economic development abroad and other measures. 17. Antkiewicz A, Whalley J. China`s new regional trade agreements. World Econ.
(2005) 28:1539-57. doi: 10.1111/d.1467-9701.2005.00746.x A bilateral trade agreement confers preferential trade status between two nations. By giving them access to each other`s markets, they increase trade and economic growth. The terms of the agreement harmonize commercial activity and a level playing field. 13. Der A, Baccini L, Elsig M. The design of international trade agreements: introduction of a new data set. Rev Int Organ. (2014) 9:353-75. doi: 10.1007/s11558-013-9179-8 If negotiations for a multilateral trade agreement are unsuccessful, many nations will instead negotiate bilateral treaties. However, new agreements often result in competing agreements between other countries, eliminating the benefits of the free trade agreement (FTA) between the two countries of origin.
19. Maluck J, Thunder RV. A network of network perspective on world trade. PLOS ONE (2015) 10: e0133310. doi: 10.1371/journal.pone.0133310 Dominican Republic-Central America FTR (CAFTA-DR) is a free trade agreement between the United States and small Central American economies. It is called El Salvador, Dominican Republic, Guatemala, Costa Rica, Nicaragua and Honduras. NAFTA replaced bilateral agreements with Canada and Mexico in 1994. The United States renegotiated NAFTA as part of the U.S.-Mexico-Canada agreement, which came into effect in 2020. Bilateral trade agreements also expand a country`s product market. In the early 2000s, the United States vigorously pursued free trade agreements with a number of countries under the Bush administration. 24. Sopranzetti S.
Cross-trade agreements and international trade: a network approach. World Econ. (2018) 41:1549-66. doi: 10.1111/twec.12599 A bilateral agreement, also known as clearing-trading or ancillary agreement, refers to an agreement between parties or states to fill trade deficitsThe balance of payments is a declaration that contains transactions made by residents of a given country with the rest of the world over a specified period of time. It includes all payments and revenues from businesses, individuals and government. to a minimum. It depends on the nature of the agreement, the scope and the countries participating in the agreement. Bilateral agreements strengthen trade between the two countries. They open markets to successful sectors. If companies take advantage of it, they create jobs.
16. Feinberg RE. The U.S. political economy free trade agreements. World Econ. (2003) 26:1019-40. doi: 10.1111/1467-9701.00561 Any trade agreement will result in the exit of less prosperous businesses. They cannot compete with a more powerful industry abroad.