Regional trade agreements (RTAs) between two or more countries have become important institutions in the world economy (e.g., the North American Free Trade Agreement [NAFTA], the European Union [EU], and the ASEAN Free Trade Agreement [AFTA]). Evaluate the different types of RTAs. What are the main functions of RTAs? Are RTAs stepping stones or obstacles of the trading system? Discuss the pros and cons of RTAs. Are you in favor of or against RTAs? Explain your reasoning.