WTO Director-General Roberto Azevédo raised the issue in an article at the East Asia Forum in May 2017. “Support for the multilateral trading system must not come at the expense of an active bilateral and regional negotiating agenda. It is not a zero-sum game as is often presented,” he said.11 Bilateral agreements are at the same time between two nations, giving them preferential trade status among themselves. The objectives of the bilateral agreement are the same as a multilateral agreement, except between two countries that negotiated the agreement. The pros and cons of multilateral and bilateral agreements do not seem to favour each other. However, it is not clear that without the participation and leadership of the United States as key supporters, the fate of multilateral agreements and whether globalization will continue. It is an interesting experience that awaits results. Multilateral agreements allow all signatories to be treated in the same way. No country can make better trade agreements to one country than another. Same land. It is particularly important for emerging economies. Many of them are smaller, which makes them less competitive.
The status of the most favoured nation provides the best trading conditions a nation can obtain from a trading partner. Developing countries benefit the most from this trade status. Despite this, our country should keep its economy open and use its market power to strengthen it by creating more jobs. The United States should establish a standardized model for bilateral agreements and institutionalize such a model for concluding agreements with all countries. Such a model can become the gold standard for all countries. The EU has concluded or negotiates such bilateral trade agreements: multilateral trade agreements are trade agreements between three or more nations. All signatories treat each other in the same way. The contracts aim to offer benefits such as tariff reductions and facilitate the import and export of products by participating countries, expand access to the other country`s markets and increase each country`s economic growth. These agreements harmonized trade activity and trade rules; establishing fair labour standards and protecting the environment.
The aim is to prevent one signatory country from stealing the other`s intellectual property, from engaging in dumping practices at reasonable prices, or from using unfair subsidies. Since multilateral agreements open the conditions for competition to all signatories, they are particularly beneficial for emerging countries, which are smaller and less competitive. examples of multilateral agreements, In addition to the TPP, the 1994 North American Free Trade Agreement (NAFTA), signed between the United States, Canada and Mexico, signed in 2004 by the United States with Costa Rica, the Dominican Republic, Guatemala, Honduras, Nicaragua and El Salvador, paved the way for the WTO (World Trade Organization) agreement among all 149 member states. In addition, agreements have been signed specifically for intellectual property, which are an important element of all trade agreements, such as the Paris Patent Convention, the General Copyright Agreement and the Bern Copyright Agreement and the World Trade Organization (WTO) trade agreement, to name a few. An example of the challenges that arise for business was recently highlighted by the International Chamber of Commerce (ICC) in a statement on rules of origin.