This study quantifies the impact of traditional and new age' provisions of preferential trading arrangements (PTAs) on merchandise trade and investment. It does so by estimating gravity models of bilateral trade and investment. It finds that recent and some past PTAs are not as benign as some...

Over 200 bilateral and regional trade agreements are currently in force, yet their impact remains a topic of debate. We analyse effects of 27 agreements that are of particular importance for Australia on the value of merchandise trade flows using data from 1970 up to the global financial crisis...