The WTO continues to classify these agreements into the following categories: bilateral agreements concern two countries. The two countries agree to ease trade restrictions to expand trade opportunities between them. They reduce tariffs and give each other privileged commercial status. The point of friction usually focuses on important domestic industries protected or subsidized by the state. For most countries, it is in the automotive, oil or food industry. The Obama administration negotiated with the European Union the world`s largest bilateral agreement, the Transatlantic Trade and Investment Partnership. Originally, the General Agreement on Tariffs and Trade (GATT 1994) defined the Free Trade Agreement to cover only trade in goods.  An agreement with a similar purpose, i.e.: with a view to promoting the liberalization of services, Article V of the General Agreement on Trade in Services (GATS) is referred to as the “Economic Integration Agreement”.  However, in practice, the term is now often used to refer to agreements that include not only goods, but also services and even investments. Environmental provisions have also become increasingly common in international investment agreements, such as free trade agreements.
:104 Detailed descriptions and texts of many U.S. trade agreements can be viewed through the resource center on the left. Even in the absence of the constraints imposed by most-favoured-nation clauses and domestic treatment, general multilateral agreements are sometimes easier to reach than separate bilateral agreements. In many cases, the potential loss of a concession to one country is almost as large as that which would result from a similar concession to many countries. The benefits that the most efficient producers derive from global tariff reductions are large enough to warrant considerable concessions. Since the establishment of the General Agreement on Tariffs and Trade (GATT, implemented in 1948) and its successor, the World Trade Organization (WTO, established in 1995), global tariff rates have fallen significantly and world trade has expanded. The WTO contains provisions on reciprocal conditions, most-favoured-nation status and national treatment of non-tariff restrictions. It has contributed to the architecture of the most comprehensive and important multilateral trade agreements of modern times. The North American Free Trade Agreement (1993) and the European Free Trade Association (1995) are examples of these trade agreements and their representative institutions. . .