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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]

Using a straightforward and diverse methodology, this paper assesses and estimates the trade barriers impact on exports from the Peruvian economy. The results of the analysis indicate that Most Favored Nation (MFN) and Generalized System of Preferences (GSP) tariffs rates imposed by developed countries to Peruvian exports are relatively low and close to zero. Conversely, the number of Non-Tariff Barriers (NTB) and the average number of NTBs per export tariff line, specially the Technical Barriers to Trade (TBT), are relatively high. This difference produces a higher estimation of the export impact of the NTBs. An implication of these results is that the new wave of regional preferential trade agreements among developed and developing countries (which face similar trade barriers structure as the Peruvian case) may not have meaningful effects on trade flows unless it is accompanied by substantial reductions in the number of NTBs per export tariff line. [ABSTRACT FROM AUTHOR]