Track: Graduate Student Paper Competition

Abstract

In the World Trade Organization (WTO) agreements, United States has continued to enforce trade agreements with many countries through the World Trade Organization (WTO), with 14 of the 20 countries being active participants in these agreements. Free trade agreements (FTAs) have grown in importance as essential trade agreements that facilitate trade negotiations among member countries. These FTAs could have a wide range of positive effects, including the ability to strengthen a country's overall economy and open new economic opportunities. Whether they support or oppose trade agreements, economists can agree that they are good for the economy. Trade agreements, in a brief, are the "rules of the road" that guide American companies on how to do international business while simultaneously defending American interests and utilizing international trade regulations. According to recent data, the US has continued to enter trade deals with several other countries, including the UK, Mexico, and Canada. One of the most important trade agreements for the US in recent years is the United States-Mexico-Canada Agreement (USMCA), which replaced the North American Free Trade Agreement (NAFTA) provides a crucial framework for commercial relations with these neighboring nations. The Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP), two other recent trade deals, intended to improve trade ties between countries in the Pacific Rim and the European Union, respectively. Businesses in the United States can sign a variety of trade agreements, including Free Trade Agreements, Agreements with the World Trade Organization, Suspension Agreements, Bilateral Investment Treaties, Agreements on Intellectual Property Rights, Trade Agreement Guides, and the Florence Agreement Program. The purpose of this paper is to provide valuable insights into the benefits and drawbacks of these trade agreements and their long-term effects on the US economy and future generations.