International trade has been of crucial importance for economic development and the improvement of living standards of nations and regions worldwide for decades. For most advanced countries, trade has contributed to the increase of living standards, while for many emerging economies, development began after their integration into the global economy.

The economic explanation is simple: international trade facilitates specialization, increases efficiency, and improves productivity, which is impossible in closed economies. However, in recent years, there has been significant slowing of global trade, and the global system has faced increasing criticism from politicians on both the right and the left.

The benefits of open markets, the continuation of international cooperation, and the utility of multilateral organizations such as the World Trade Organization (WTO), the International Monetary Fund, and the World Bank have all been called into question. While globalization has generally had a positive impact on overall global prosperity, it has also been perceived by the public as detrimental to communities and social classes in the industrial world, paving the way for events such as Brexit and the U.S. withdrawal from the Trans-Pacific Partnership.

The purpose of this volume is to examine international and regional preferential trade agreements (PTAs), which provide countries sharing common interests a potential means to continue enjoying the benefits of economic freedom and trade expansion. What are the advantages and weaknesses of these agreements, and how can they sustain growth and prosperity for their members in an increasingly demanding global economic environment?

The handbook is divided into two parts. The first part, International Issues, analyzes themes such as the WTO, trade agreements and economic development, intellectual property rights, security and environmental issues, as well as PTAs and developing countries. The second part examines regional and country-specific agreements and issues, including NAFTA, CARICOM, CETA, the Pacific Alliance, the European Union, EFTA, ECOWAS, SADC, TTIP, RCEP, and TPP (now CPTPP), policies of countries like Japan and Australia, as well as partnership agreements and developing countries.