The long-term effect of a free trade agreement depends in part on how the parties implement it. Substantive obligations under trade agreements may need to be updated; Disputes arise and must be resolved; and other countries may wish to accede to it. The appropriate rules and institutions can help on all these issues. To this end, two institutional bodies are established in this chapter, which can assist in these areas: a joint committee composed of officials from the United States and the United Kingdom and a small administrative secretariat. In addition, certain basic rules for membership are defined. Benefits of agreements The agreements concluded in 2013 with free trade partners, with the exception of the free trade agreement with the EU, cover 22.6% of total Swiss exports. This represents 51% of Swiss exports to markets outside the EU. In particular, free trade agreements promote the growth, added value and competitiveness of the Swiss economic location. However, it is unlikely, in our time, that free trade in financial markets will be completely free. There are many supranational organizations regulating global financial markets, including the Basel Committee on Banking Supervision, the International Organization of the Securities Commission (IOSCO) and the Committee on Capital Movements and Invisible Transactions. Free trade agreements have reduced the prices of products for Swiss consumers and increased the supply of products. At the same time, Swiss producers benefit from lower prices for semi-produced products and raw materials.
The original architecture, which has enabled the world to achieve massive reductions in tariffs and other barriers to trade since the end of the Second World War, was built on this idea: because of the political cost of suspending its own industry from foreign competition, negotiators who approve of this result should receive compensation in the form of better access to the foreign market for their exporters, to balance the inner scorecard. Although it is incongruous – even intellectually dishonest – to conduct trade negotiations based on the idea that one`s own barriers are assets that cannot be spent sparingly and that if they are exchanged for access to the export market, the fact is that between 1947 and 1994, average global tariffs fell from 40% to 4%. At the risk of turning Adam Smith into his grave, mercantilist recitity provided a healthy dose of freer trade. Two countries participate in bilateral agreements. The two countries agree to ease trade restrictions to expand trade opportunities between them. They reduce tariffs and give each other privileged commercial status. The point of friction usually focuses on important domestic industries protected or subsidized by the state. For most countries, it is in the automotive, oil or food industry. The Obama administration negotiated the world`s largest bilateral agreement, the Transatlantic Trade and Investment Partnership with the European Union. In order to further facilitate the benefits of the free movement of persons, the Agreement should include a language defining the mutual recognition of professional cards.
In this respect, the agreement can follow the precedent of the Trans-Tasman Mutual Recognition Act 1997, which allows any person registered in one country to pursue a profession in the other country. The Market Access Map was developed by the International Trade Centre (ITC) to facilitate market access for businesses, governments and researchers. The database, visible through the online market access map tool, contains information on tariff and non-tariff barriers in all active trade agreements, not limited to those that have been officially notified to the WTO. . . .