The global economy is constantly evolving, and free trade agreements are becoming increasingly important. These agreements facilitate the exchange of goods and services between countries, removing barriers and reducing the cost of doing business. However, the current state of free trade agreements is somewhat turbulent, with many agreements under threat or up for renegotiation.

One of the most significant free trade agreements currently in the spotlight is NAFTA, the North American Free Trade Agreement. Negotiations to modernize NAFTA began in August 2017, and after multiple rounds of talks, a new agreement was reached in September 2018. The new deal, renamed United States-Mexico-Canada Agreement (USMCA), includes modernized provisions on digital trade, intellectual property, and labor rights.

Another major free trade agreement currently up for renegotiation is the Trans-Pacific Partnership (TPP). Following the withdrawal of the United States in 2017, the remaining eleven countries negotiated a revised agreement, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The CPTPP was signed in March 2018 and includes provisions on intellectual property, labor standards, and environmental protections.

Despite this progress on NAFTA and the CPTPP, other major free trade agreements are facing uncertain futures. The United Kingdom`s decision to leave the European Union has significant implications for global trade, given the EU`s role as a trade bloc. The future of the U.S.- Korea Free Trade Agreement is also uncertain, with the U.S. threatening to withdraw if its concerns about the trade deficit are not addressed.

It`s clear that the current state of free trade agreements is complex and constantly evolving. While some agreements are being modernized or re-negotiated, others are under threat or being abandoned altogether. The future of global trade will depend, in large part, on the willingness of countries to work together to facilitate the exchange of goods and services.