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WTO Free Trade Agreements Impact on Globalized World GDP, FDI, Trade, and Poverty: Geo-Political

$ 42.5

Published: 2023-11-09
Category: Business and Economics
Category Political Science
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The WTO's global trading system has been contributing a significant increase global growth and development. Regionalism developed concurrently with this trend towards globalization. The present paper focuses on the role of FTA, PTA, Plurilateral, Trade blocks on growth of FDI, International Trade, World GDP, Poverty. The results of WTO agreements scenario revealed that FTA signed and in effect has a vast increase from 35 in 2000 to 185 in 2022. WTO notified and not notified Plurilateral FTAs were five in 2000 that rose to 68 in 2017. The WTO's PTAs intended to support economic growth in developing nations. Countries which comes under providers of PTAs are majorly USA, Russia, Australia and some of EU counties. Most of the countries from Africa, South America, Western Asian countries are beneficiaries. Major countries come under the regions of both beneficiary and providers of PTAs are India, China, Kazakhstan, Chile, Morocco, turkey etc. EU, NAFTA, Pacific Alliance Trade blocks are wider in scope for global trade. The results of the role of FTA, PTA, Trade blocks on growth of FDI, International Trade, World GDP, Poverty shows that world FDI inflows are increased from US$ 239.42 Billion in 1990 to US$ 2.2 trillion in 2021. The world GDP trend is increasing at increasing rate from 1998 to 2021 except 2002, 2010, 16, 19 indicating significant role in Globalized world.  The results show that the poverty account ratio decreasing at decreasing rate from 37.8% in 1990 to 8.4% in 2021 indicating free trade role in reduction of poverty. The study concludes that impact of FTA on increase in World GDP, FDI, Trade and reduction of poverty is significant.  The study suggest Geopolitical leaders should coordinate with national, international level and WTO, think tank institutes for policy development for further success of global trade across the barriers.

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