an agreement between two or more countries or persons that gives them power or influence Regional trade agreements are reciprocal trade agreements between two or more partners (nations). Almost all countries are part of at least one ATR. Under an ATR, “countries come together” and form an international community that facilitates the exchange of goods and services between them. For example, the North American Free Trade Agreement (NAFTA), adopted between Canada, the United States and Mexico, facilitates trade between these countries by reducing and eliminating tariffs. The Association of Southeast Asian Nations (ASEAN), presented below, provides for the free movement of trade, services, labour and capital in ten independent member countries, to ensure the balance of power of China and Japan. The Central American Free Trade Agreement (CAFTA) (Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua and El Salvador) eliminated tariffs on more than 80% of U.S. exports and opened up the United States. Trade restrictions on imports of sugar, textiles and clothing from Central America, reducing the cost of these products for U.S. consumers. a formal agreement between governments of different countries on how to behave among themselves or towards the citizens of their country, unless a treaty provides for other agreements or measures, only the text of the treaty is legally binding. Generally speaking, a treaty amendment is binding only on States that have ratified the amendment and agreements reached at review conferences, summits or meetings of States parties are political, but not legally binding.
An example of a common market is the Economic Community of West African States (ECOWAS), composed of Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Côte d`Ivoire, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo. Formal agreement that a country or organization exists In addition to treaties, there are other less formal international agreements. These include efforts such as the Proliferation Security Initiative (PSI) and the G7 Global Partnership Against the Spread of Mass Destruction. Although the PSI has a “Declaration of Prohibition Principles” and the G7 Global Partnership has several G7 leaders` statements, neither has a legally binding document that sets out specific obligations and is signed or ratified by member states. . . .