What chance of progress with regional trade agreements?

With the WTO talks stalled, hopes for significant progress in trade liberalisation are pinned on two large regional trade and investment pacts. As a result of renewed political pressures for an agreement, there now appears to be some chance of a breakthrough in the Pacific trade negotiations before the next US Presidential election, although this is far from certain. Meanwhile, the transatlantic negotiations between the US and EU have barely got off the ground. If agreements are reached, they could have profound implications over the long term. But the short-term benefits would be limited.