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The present work synthesizes the relevant theoretical propositions for the analysis of the economic impacts of the preferential trade arrangements (PTAs) which have been part of the trade liberalization process implemented in the last two decades by developed and developing economies. These arrangements are divided in three groups of arrangements: i) unilateral (UPTAs), ii) regional (RPTAs) and iii) multilateral (MPTAs). In addition, this paper addresses two questions. The first one, (from the perspective of an individual economy) which of these arrangements benefit the most for an economy?. The second, to what extent UPTAs and especially RPTAs, contribute (or are \' building blocks or friends\'), obstruct (or are \'stumbling blocks or friends\') or converge (or are \'stepping stones\') or not (\'strangers\') to the PTAs? [ABSTRACT FROM AUTHOR]