With the ever-changing global economy, trade agreements are integral to international business. Countries are always looking for ways to increase their economic growth, and one way they do this is by entering into preferential trade agreements. Recently, there have been several new preferential trade agreements that have been established, and they could have a significant impact on international trade.

The first of these new agreements is the African Continental Free Trade Area (AfCFTA). This agreement was created by the African Union and is aimed at creating a single market for goods and services throughout Africa. The AfCFTA is the largest trade agreement since the creation of the World Trade Organization and could potentially increase intra-African trade by 52.3%. This agreement will also make it easier for African countries to trade with each other and could lead to increased economic growth across the African continent.

Another new trade agreement is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This agreement was created after the United States withdrew from the original Trans-Pacific Partnership. The CPTPP includes 11 countries, including Canada, Japan, and Australia. This agreement will eliminate or reduce tariffs on a wide range of goods and services and could potentially increase trade by $147 billion by 2030. The CPTPP is also the first agreement to include provisions on digital trade, which could have a significant impact on the future of international trade.

The Regional Comprehensive Economic Partnership (RCEP) is another new trade agreement that was recently established. The RCEP includes 15 countries, including China, Japan, and Australia, and is the largest trade agreement in history. This agreement will eliminate or reduce tariffs on a wide range of goods and services and could potentially increase trade by $209 billion by 2030. The RCEP will also make it easier for businesses in these countries to establish supply chains across the region and could lead to increased economic growth.

In conclusion, these new preferential trade agreements have the potential to significantly impact international trade. They will make it easier for countries to trade with each other, eliminate or reduce tariffs, and could lead to increased economic growth. As the global economy continues to change, it will be important to keep an eye on these agreements and their impact on international trade.