When Did Trade Agreement Begin

Posted by on Jun 12, 2022 in Uncategorized | No Comments

Trade agreements have been around for centuries, as long as humans have been trading goods and services with each other. The first recorded trade agreement dates back to 300 BC, when the Phoenicians signed a treaty with the Greeks to regulate trade between the two civilizations.

Throughout history, trade agreements have taken on various forms and served different purposes. Some were designed to promote free trade between countries, while others aimed to protect domestic industries from foreign competition. In the early 20th century, the General Agreement on Tariffs and Trade (GATT) was created to reduce trade barriers and increase international trade.

However, it wasn`t until the 1990s that trade agreements really began to take center stage. The North American Free Trade Agreement (NAFTA) between the United States, Canada, and Mexico was signed in 1992, creating a trade bloc with a combined GDP of over $20 trillion. This agreement had a huge impact on the economies of its member countries and set the stage for future trade agreements.

Since then, several other major trade agreements have been signed, including the Trans-Pacific Partnership (TPP) and the European Union`s Comprehensive Economic and Trade Agreement (CETA). These agreements aim to promote free trade and remove barriers between member countries, while also protecting labor rights and the environment.

However, trade agreements have also been a subject of controversy, with critics arguing that they prioritize corporate interests over the needs of workers and the environment. The United States` withdrawal from the TPP in 2017 and ongoing debates over the renegotiation of NAFTA highlight the complex issues involved in these agreements.

In conclusion, trade agreements have been around for centuries but have evolved significantly in the modern era. While they have the potential to promote economic growth and cooperation between countries, their impact on workers, the environment, and national sovereignty remains a contentious issue.