The United States has 20 bilateral free trade agreements in place and has existing bilateral agreements with all Trans-Pacific Partnership (TPP) countries, with the exception of Brunei, Japan, Malaysia, New Zealand and Vietnam, and has a multilateral regional agreement with Canada and Mexico. Bilateral and multilateral approaches have advantages and disadvantages and can be used strategically for the benefit of the parties. The Wall Street Journal recently reported that Europe and Japan have entered into the Trans-Pacific Partnership Pact (TPP), which eliminates tariffs on more than 95% of products and reduces non-tariff barriers. She commented that the United States lost by moving away from the TPP. The main drawback of multilateral agreements is that they are complex. The details of the negotiations are specific to commercial and commercial practices. This meant that the public was often dissatisfied with them. As a result, they receive a lot of controversy and protests. Another drawback is that small businesses are not able to compete with huge multinationals because of the removal of trade barriers. They often lay off workers to reduce costs. Others transfer their businesses to a participating country where wages are low. The European Union (EU) has developed the `Mediterranean pan-euro-sea`, a diagonal accumulation of original regimes. The system allows accumulation between EU Member States, European Free Trade Association (EFTA) countries, Turkey, the signatory countries of the Barcelona Declaration, the Western Balkans and the Faroe Islands.
Among the parties is a network of free trade agreements with similar rules of origin. This system allows these countries to accumulate components from other pan-Euro-Mediterranean countries. The advantage of a bilateral agreement is that it is easier to negotiate since it involves only two countries; to come into force more quickly and reap more trade benefits. They are easier to apply, especially if arbitration is the appropriate way to resolve a dispute. In addition to creating a U.S. commodity market, expansion has helped spread the mantra of trade liberalization and promote open borders to trade. However, bilateral trade agreements can distort a country`s markets when large multinationals, with considerable capital and resources to operate on a large scale, enter a market dominated by smaller players. As a result, they may have to close their stores if they compete.