TITLE:
High-Standard Regional Free Trade Agreements: Features, Directions and Their Practical Paths to Promote Trade
AUTHORS:
Guangying Xie, Lun Li
KEYWORDS:
Free Trade Agreements, Regional Trade and Investment, High-Standard Rules, International Rules
JOURNAL NAME:
Open Journal of Business and Management,
Vol.13 No.1,
December
20,
2024
ABSTRACT: After the end of the Covid-19, the recovery of the global economy is still a long process. High-standard regional free trade agreements are playing an increasing role as important drivers of international trade and economic growth. This article analyzes the background, opportunities and challenges of the rise of high-standard regional trade agreements with high standards such as TPP, CPTPP, TTIP, RCEP, CETA, APTA, USMCA, etc. On this basis, the characteristics and future trends of these high-standard regional trade rules are further discussed. In the end, we put forward eight paths to promote the regional free trade by leveraging these agreements as follows: 1) Optimize market access and tariff concessions; 2) Strengthen the protection of intellectual property rights and promote innovative development; 3) Improve labor and environmental standards and promote sustainable development; 4) Improve the rules of e-commerce and digital trade and conform to the trend of digital economy; 5) Create a fair business environment through measures such as promoting competition policy and reform of SOEs; 6) Expand the government procurement market and enhance trade openness; 7) Improve the dispute settlement mechanism and maintain trade order; 8) Participate in regional and global trade governance.