Abstract
One of the interesting events of the world economy over the past one and a half decade has been the phenomenal growth of regional trading agreements and significant increase in world trade emerging from these arrangements. The World Trade Organization (WTO) website informs that by July 2005, a total of 330 agreements have been concluded, of which 130 agreements were concluded prior to the inception of the WTO on 1 January 1995. Of the total regional trade agreements (RTAS) registered with the WTO, 188 are currently in force and there are 33 major regional trading blocs (RTBs) worldwide. Asia is not lagging behind other continents as far as the formation of regional blocs is concerned. As of now, there are 49 major sub regional and bilateral trade and cooperation agreements in the Asian region. All the RTAs registered with the WTO are either based on Article XIV of WTO or Article XII of the Enabling Clause.
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