Following the recent launch of free trade negotiations between the United States and the European Union, there are now three mega-trade-and-investment liberalization blocs being shaped in various parts of the world.
Each is different in geographic coverage. But all have substantial economic clout. So whichever is first to conclude a credible agreement will have a significant impact on international trade and geopolitics.
With multilateral negotiations under the World Trade Organization stalled, the big bloc negotiators are, by default, setting key rules and standards for global commerce in the 21st century. This is important. All three mega-blocs are often referred to as free trade arrangements. But in practice, they would be preferential trading groups discriminating against nonmembers.