Emerging Mega-FTAs: Rationale, Challenges, and Implications

Abstract

This paper examines the recent emergence of mega–free trade agreements, namely, the Asian-centric Regional Comprehensive Economic Partnership, the Trans-Pacific Partnership, and the Trans-Atlantic Trade and Investment Partnership. In a comparative context it discusses the rationale for their emergence; their distinctive membership features, objectives, and negotiating agendas; their quantifiable benefits and dissenting voices; issues and challenges; and likely outcomes. Aspirations for “high standards” are unlikely to be met because their negotiating timelines are repeatedly missed as negotiators struggle with political, diplomatic, commercial, economic, regulatory, and technical issues. Although negotiations appear relatively simple at the outset, their complex and daunting hurdles will ultimately limit their impact on the world trading system.