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J Econ Integr 32 (1): 193-243 The effects of regional trade agreements (RTA) on foreign direct investment (FDI) depend on both the origin and type of foreign direct investment. To assess the different impacts of ATRs, I distinguish the different types of foreign direct investment using data on the sales objectives of multinational subsidiaries (MNEs), while working on the endogenous of RTA training. In line with the NSM theory, I note that RTAs reduce horizontal diins from intra-RTA countries and increase the export platform and overall FDI of non-RTA countries. In addition, the overall effects of RTA are positive for extra-RTA FDI, but are not consistent for INTRA-RTA-DI. The results also support the impact of economies of scale in integrated markets on the induction of extra-RTA FDI. The agreements recently concluded by the EU with the Republic of Korea in 2011, the East African and South African countries in 2012 and Central America, Peru and Colombia in 2013 were omitted from the analysis because the time frame for these ATRs was too short to accurately analyze their trade effects. Bayoumi T, Eichengreen B (1997) Is regionalism just a distraction? Evidence of the evolution of the EC and EFTA. In: Ito T, Krueger AO (eds) Regionalism vs. Multilateral Trade Agreements. University of Chicago Press, Chicago RTA is the generic name that refers to five types of trade agreements: Preferential Trade Agreements (EPZs), Free Trade Agreements (FTA), Customs Unions (CUs), Common Markets and Economic Unions.
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