Bilateral trade agreements are agreements made between two countries that facilitate trade and investment between them. These agreements are aimed at increasing trade and investment flows, and are designed to remove trade barriers and create a more favorable trading environment.
Bilateral trade agreements are beneficial for both countries involved as they help to create a level playing field for businesses and investors, and encourage the flow of goods and services between the two countries. They can also help to boost economic growth, create jobs, and improve living standards.
Here is a list of some of the most significant bilateral trade agreements:
1. United States-Mexico-Canada Agreement (USMCA) – This agreement was signed in 2018 and replaced the North American Free Trade Agreement (NAFTA). The USMCA regulates trade and investment between the United States, Canada, and Mexico.
2. Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – The CPTPP is a free trade agreement between 11 countries which came into effect in 2018. The agreement covers a range of areas including trade in goods and services, investment, and intellectual property.
3. Japan-Australia Economic Partnership Agreement (JAEPA) – This agreement came into effect in 2015 and is aimed at promoting trade and investment between Japan and Australia. The agreement covers a range of areas including trade in goods and services, investment, and intellectual property.
4. China-Australia Free Trade Agreement (ChAFTA) – The ChAFTA was signed in 2014 and came into effect in 2015. The agreement covers a range of areas including trade in goods and services, investment, and intellectual property.
5. Australia-New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) – This agreement was signed in 1983 and is one of the world`s oldest bilateral trade agreements. The agreement covers a range of areas including trade in goods and services, investment, and intellectual property.
These bilateral trade agreements are just a few examples of the many agreements that exist between countries around the world. Each agreement is unique and tailored to the specific needs of the countries involved. As a professional, it is important to stay up-to-date with the latest developments in international trade and to be able to accurately communicate the details of bilateral trade agreements to readers.