Book DescriptionThe proliferation of regional trade agreements is fundamentally altering the world trade landscape. The number of agreements in force surpasses 200 and has risen eight-fold in two decades. Today as much as 40 percent of global trade takesplace among countries that have some form of reciprocal regional trade agreement. Global Economic Prospects 2005: Trade, Regionalism, and Development addresses two questions: ** What are the characteristics of agreements that most promote?or hinder?development for member countries? ** Does the proliferation of agreements pose risks to the multilateral trading system, and if so, how can these risks be managed? The report argues that agreements leading to open regionalism?that is, deeper integration of trade as a result of low external tariffs, increased services competition, and efforts to reduce cross-border and customs delays costs?are effective as part of a larger trade strategy to promote...

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