In particular the system of norms, laws
and regulations established multilaterally under the General
Agreement on Tariffs and Trade/World Trade Organization,
extended and deepened by bilateral and regional trade and
investment agreements such as the European Economic
Community, North American Free Trade Agreement
(NAFTA), hundreds of free trade agreements (FTA) and
over 2,000 bilateral investment treaties, has created an
environment where trade in most parts of the world and in
most sectors is largely open and predictable. For example,
according to a recent paper by World Trade Organization
(WTO) and Organisation for Economic Co-operation and
Development (OECD) economists, 80% of developing
countries’ exports by volume now regularly enter advanced
countries duty free, compared to 55% 20 years ago (WTO,
2014).
In particular the system of norms, lawsand regulations established multilaterally under the GeneralAgreement on Tariffs and Trade/World Trade Organization,extended and deepened by bilateral and regional trade andinvestment agreements such as the European EconomicCommunity, North American Free Trade Agreement(NAFTA), hundreds of free trade agreements (FTA) andover 2,000 bilateral investment treaties, has created anenvironment where trade in most parts of the world and inmost sectors is largely open and predictable. For example,according to a recent paper by World Trade Organization(WTO) and Organisation for Economic Co-operation andDevelopment (OECD) economists, 80% of developingcountries’ exports by volume now regularly enter advancedcountries duty free, compared to 55% 20 years ago (WTO,2014).
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