ABSTRACT
One of the most striking developments in the world trading system since the mid 1990s is a surge in Regional Trade Agreements (RTAs). 2 The number of RTAs notified to the World Trade Organization (WTO) increased from about 50 in 1990 to cross 250 in 2003. According to the latest data (till 1 July 2010) of the WTO, more than 450 RTAs have been notified to WTO. Among these RTAs, more than 250 are currently active. The World Bank (2005) estimated that about 40 percent of total global trade is done among regional trading partners. Given the rise in the number of active RTAs, this number is likely to have increased in the last few years.
