24. Sopranzetti S. Overlapping free trade agreements and international trade: a network approach. Econ of the world. (2018) 41:1549-66. doi: 10.1111/twec.12599 The largest multilateral agreement is the Agreement between the United States, Mexico and Canada (USMCA, former North American Free Trade Agreement or NANA) between the United States, Canada and Mexico. If negotiations on a multilateral trade agreement remain unsuccessful, many nations will instead negotiate bilateral agreements. However, new agreements often result in competing agreements between other countries, eliminating the benefits of the free trade agreement (FTA) between the two home countries. As a general rule, the benefits and obligations of trade agreements apply only to their signatories. Baccini L, Urpelainen J. International institutions and domestic politics: Can preferential trade agreements help heads of state and government advance economic reforms? J Politics.
(2014) 76:195–214. . .