An EPI allows countries to trade with a small number of goods, making the volume minimal. The TPP comprises twelve member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam, as shown on the map below. The TPP will cover 40% of global GDP2 and 33% of world trade. Wadhawan said the Trump administration has decided to accelerate tariff reductions, although India has been working on a “broad and reasonable” trade package covering all concerns about bilateral trade with the United States in sectors such as medical devices, dairy products and agricultural products. In fact, the GSP benefits review was launched in the United States due to representations from the milk industry and medicine. After U.S. President Donald Trump announced on Wednesday his intention to end preferential treatment for India under the Generalized Preferences System (GSP) after 60 days` notice, one wonders to what extent India will be affected and how it will respond to this approach. Here`s a look at what`s at stake: a preferred trade area (including preferential trade agreements, PTA) is a trading bloc that offers preferential access to certain products from participating countries. This requires a reduction in tariffs, but not in their total abolition. A ZEP can be implemented through a trade pact. This is the first step in economic integration. The border between a EPZ and a Free Trade Area (EEA) can be blurred, as almost all ATPs have the main objective of becoming a free trade agreement in accordance with the General Agreement on Tariffs and Trade.
Given the recent proliferation of bilateral TTPs and the emergence of mega-PTAs (broad regional trade agreements such as the Transatlantic Trade and Investment Partnership (TTIP) or the Trans-Pacific Partnership (TPP), a global trading system managed exclusively under the WTO now seems unrealistic and the interactions between trade systems must be taken into account. The increasing complexity of the international trading system resulting from the proliferation of EPZs should be taken into account when considering the choice of countries or regions used by countries or regions to promote their trade relations and environmental agendas.  ATPs have grown rapidly; In the 1990s, there were just over 100 PTAs. In 2014, there were more than 700.  There were also two regional trade agreements, the South Asia Free Trade Agreement (SAFTA, 2004) and the India-India Association of Southeast Asian Nations Agreement (ASEAN, 2010). These agreements give signatory states special or privileged access to the other country`s markets, which stimulates global trade. In the United States, the GSP program to stimulate economic growth in recipient developing countries provides for up to 4,800 products from 129 tariff-free designated destination countries and territories. Preferential trade agreements (EPAs) or the Generalized Preference System (GSP) are a special status granted in trade by different countries.