Answered: The failure of the Doha round of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The failure of the Doha round of negotiation after many years has led to an increase in regional trade agreements. Using trade theory, discuss the effect of regional trade agreements in Africa and their potential in improving economic outcomes (employment, prices, etc.).

Expert Solution

Step 1 Introduction to the concept

Regional Trade Agreement is the agreement or mutual contract between two states or the government of different states that create a framework under which further trade will proceed.

This affects some types of trade positively and for some states or types of trade proved negative.

We have an example of NAFTA the world's biggest Trade agreement stands for "North American Free Trade Agreement", which supports duty-free trade between the North American nations including Canada, Mexico, and the United States.
The trade agreement affects the prices as well as an employment opportunity.
An increase in the regional trade agreement may bind Africa to divert the objective from Poverty free nation and growth-oriented aspects.

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