Columns 3 to 5 show the results if we break down, in turn, the decoding of the PTA, the fake GATT or both depending on the group to which each trading partner belongs. Two comments are correct. First, in all cases and regardless of the type of standard errors considered, the results show a positive and statistically significant effect (at least 10%) for models of mutual agreements that will account for the impact on exports when developed countries are the target markets. Second, the statistically significant coefficient for non-reciprocal agreements in columns 3 to 5, when standard defects are linked to country pairs, loses statistical significance when standard defects are grouped repeatedly. In addition, in agreement with other recent work, we go further than  because we also take into account heteroscid residues and zero trading flows, estimating the gravitational equation in layers and not in protocols with the Fish Pseudo-Maxi Likelihood (PPML) estimate. This estimate has been made popular by  to deal with a potential heteroskedasticity distortion resulting from the linearization of gravitational equations, but it is also useful in its ability to process zeroes in bilateral trade flows. After , a large number of recent studies address the two econometric problems of PPML (see z.B, , , , , , ). However, the large data sets used in most of these studies or the difficulties encountered in achieving convergence have excluded estimating Fish`s gravity equations, including the three types of high-dimensional solid effects that must take into account both unsuserated bilateral heterogeneity and notions of multilateral resistance (country-fixing effects, fixed export and import time effects). Fortunately,  have recently implemented an iterative estimate of PPML that allows researchers to manage both problems simultaneously for both problems in a large data set, as used in this paper. Taking advantage of this technical development, we appreciate the following gravitational equation with the PPML evaluator: (2) Secretary Hull`s first efforts were to reach reciprocal trade agreements with Latin American countries, a region considered crucial to U.S. trade and security, where rival powers (particularly Germany) have gained ground at the expense of American exporters. However, until September 1939, Hull was only able to negotiate agreements with three out of ten South American countries, because the trade agenda was opposed by Latin Americans, who opposed the most favoured national requirement to abandon all bilateral agreements with other countries. Pressure from Congress, in the name of special interests, to ensure that Latin American countries do not have unrestricted access to the U.S.
market, these countries would have been seriously hampered in their efforts to sell their raw materials abroad if they had abolished bilateral agreements with European countries that absorb much of their exports. President Franklin D. Roosevelt signed the Reciprocal Trade Agreements Act (RTAA) in 1934. It gave the president the power to negotiate bilateral and reciprocal trade agreements with other countries and allowed Roosevelt to liberalize U.S. trade policy around the world. It is generally attributed that it sounded the era of liberal trade policy that continued during the 20th century.  To date, the comparison between reciprocal trade agreements and non-reciprocal trade agreements has been based on the PTA. However, as has already been said before multilateral trade liberalization under the gaTT/WTO, this approach is also reciprocal. Empirical evidence of the impact of GATT/WTO in different groups of countries (developed towards development) is different (, , ,,  and ).