List all the trade policy done by the countries

Trade policies cover a range of measures, including free trade agreements (FTAs), tariffs, and non-tariff barriers (like quotas and standards), as well as export subsidies, conducted in multilateral frameworks like the World Trade Organization (WTO). There are over 190 countries and hundreds of agreements; thus, it would not be possible to exhaustively list each policy in a single response. Because of this, this summary discusses key policies, specifically FTAs, regional blocs, and WTO commitments for the major economies and regions, which are compiled from the WTO, U.S Trade Representative (USTR), and European Commission.

Countries don’t undertake the buying and selling of goods with each other with no rules or plans; they operate under a structured set of plans and rules we call trade policy. Think of trade policy as the strategy a country has for engaging with the rest of the world when it comes to trade and deciding what comes into a country, what leaves the country and even how trade occurs. International trade policy is the rules the country operates with as it buys and sells goods and services with other countries. These are the laws and agreements made between governments that impose a set of requirements on imports and exports, shaping a county’s relationship with the global economy. The reality is that every country must have a plan for how it will interact with products and services from around the world. We call that plan a trade policy. Trade policies allow a country to tax foreign goods, form special trade deals, or generally manage the flow of goods and services with another country. Trade policy is extremely important for a countries economic security and growth.

Major Multilateral and Regional Trade Frameworks

World Trade Organization (WTO):

The World Trade Organization (WTO) plays an oversight and governance role in global trade. In practical terms, the WTO is an international entity that articulates the “rules of the game” regarding trade between countries. The primary purpose of the WTO is to ensure that trade occurs in a smooth, predictable, and free manner. The WTO achieves this by being in charge of monitoring trade agreements that its member countries have entered into, ensuring that countries are referring to agreements when identifying national trade policies; further overseeing trade practices through adjudication of trade disputes. Overall, the WTO provides a platform to facilitate cooperation amongst countries concerning maintaining fair trade practices for all participants in the international trade space.

European Union Single Market:

The European Union Single Market refers to an economic area, where there are no internal borders, whereby countries perform together as a single large market. The European Union Single Market allows goods, services, money and people to move freely between member countries like there were within a single country.

This “single market” was established in 1993 and is built on what are known as the “four freedoms“

• Goods: Products can be sold across the EU without additional tariffs or tough checks.
• Services: Companies and professionals can provide their services in any country in the EU.
• Capital: Money can be freely invested and transferred between countries.
• People: Citizens can live, study, work, and retire in any EU country of their choice.

African Continental Free Trade Area (AfCFTA):

The African Continental Free Trade Area (AfCFTA) is a trade agreement that establishes a single market for goods and services across Africa. Its primary objective is to enhance trade among African countries by eliminating trading barriers, ensuring and enhancing the continent’s global competitiveness, and fostering economic growth. The agreement took effect on May 30, 2019, and trade officially commenced on January 1, 2021. The secretariat that oversees the implementation of AfCFTA is based in Accra, Ghana.

Regional Comprehensive Economic Partnership (RCEP):

The Regional Comprehensive Economic Partnership (RCEP) is a large free trade agreement that includes 15 Asia-Pacific countries, such as China, Japan, South Korea, Australia, and the 10 member states of the ASEAN or Association of Southeast Asian Nations. In a sense, it is meant to create one of the biggest trading blocs in the world. Primarily, it aims to facilitate trade among the countries involved, making it easier and less expensive. It seeks to do this by reducing tariffs, developing consistent trade rules for things like e-commerce and intellectual property, and by streamlining customs procedures. In short, RCEP aims to facilitate the movement of goods, services, and investment throughout the region, stimulating economic growth, and making it easier for businesses to trade in a large market.

Commonwealth of Independent States (CIS) Free Trade Area:

The Free Trade Area of the Commonwealth of Independent States (CIS) is an agreement of several countries that were once part of the Soviet Union to facilitate trade between the parties. The primary purpose of the CIS Free Trade Area Agreement is to create a common economic space through the elimination of trade barriers.

Conclusion

Ultimately, trade policies globally form a mosaic that allows countries to buy and sell goods with ease, but feature many different components, free trade agreements that eliminate import tariffs, collaboratively agreed-upon constructs like the WTO or RCEP, and rescues intended to protect important sectors like food and technology. Major countries such as the United States, the European Union, and China have their own mixes of openness and protectionism, while smaller countries coordinate within regional organizations in Africa and Asia to expand their economies. All of these policies evolve with new challenges such as climate change or the new digital economy, but all of them serve to make our trade more equitable and robust among participants.

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