Bilateral & regional trade agreements a challenge

Increasing bilateral and regional trade agreements have become a major challenge to the multilateral trade system.

Director General of the World Trade Organization Supachai Panitchpakdi warned that these agreements are often biased against a third party and do not benefit global trade.

He points out most western developed countries and Asian nations are main signatories of these agreements.

Figures show from January to August this year, 21 bilateral and regional trade agreements have taken effect, bringing the total number to 200. The WTO predicts that by the end of 2005, the figure will be close to 300.

Source: CRI news