Abstract
Most often, the theory of preferential trade agreements assumes a “small” home country, and a “large” partner. In this paper, the welfare implications of a small trading partner are examined. A distinction is found between two ranges of size: a country may be just “small”, or be “ultra-small”. Conventional propositions about the likelihood of a gain or a loss from entering into a preferential agreement would still hold when the partner is “small”; whereas some of them would have to be reversed when the partner is an “ultra-small” economy.
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