However, these advantages must be offset by a disadvantage: by excluding some countries, these agreements can transfer the composition of trade from low-cost countries that are not parties to the agreement to high-cost countries that are. In 1995, GATT became the World Trade Organization (WTO), which now has more than 140 member states. The WTO controls four international trade agreements: the GATT, the General Agreement on Trade in Services (GATS) and the Trade-Related Intellectual Property Rights and Trade Investment Agreement (TRIPS and TRIMS). The WTO is now the forum for members to negotiate the removal of trade barriers; The most recent forum is the Doha Development Round, launched in 2001. Unsurprisingly, financial markets see the other side of the coin. Free trade is an opportunity to open up another part of the world to local producers. As soon as the agreements go beyond the regional level, they need help. The World Trade Organization intervenes at this stage. This international body contributes to the negotiation and implementation of global trade agreements. Second, the multilateral removal of trade barriers can reduce political opposition to free trade in each of the countries concerned.
This is because groups that otherwise oppose or are indifferent to trade policy reforms could join the free trade campaign if they see the trade agreement as export opportunities to other countries. Therefore, free trade agreements between countries or regions are a useful strategy for liberalizing world trade. Two countries participate in bilateral agreements. Both countries agree to relax trade restrictions to expand business opportunities between them. They reduce tariffs and give themselves privileged trade status. In general, the point of friction is important national industries that are protected or subsidized by the state. In most countries, they are active in the automotive, oil and food industries. The Obama administration negotiated the world`s largest bilateral agreement, the Transatlantic Trade and Investment Partnership with the European Union. Trade agreements on tariffs and trade (GATT 1994) were originally defined, covering only trade in goods.  An agreement with a similar purpose, namely the improvement of trade in services, is referred to as the “economic integration agreement” in Article V of the General Agreement on Trade in Services (GATS).
 However, in practice, the term is now commonly used [by whom?] to refer to agreements that concern not only goods, but also services and even investments. Environmental provisions have also become increasingly common in international investment agreements, such as free trade agreements.  First, tariffs and other rules for trade with non-parties to this free trade area in each of the free trade area parties applicable at the time of the creation of this free trade area must not be higher or more restrictive than tariffs and other rules applicable in the same signatory countries prior to the creation of the free trade area. In other words, the creation of a free trade area to give preferential treatment to their members is legitimate under WTO law, but parties to a free trade area are not allowed to treat non-parties less favourably than before the creation of the territory. A second requirement under Article XXIV is that tariffs and other trade barriers must be eliminated primarily for all trade within the free trade area.  The advantage of these bilateral or regional agreements is to promote stronger trade between the parties to the agreement.