Nevertheless, the situation can be recovered – but only by companies qualified to do so, and with an understanding of Chinese rules, both from a legal and fiscal point of view. China has always been a tax game for foreign investors in its creative phase. We must pay attention to the details so as not to miss the bilaterally negotiated free trade agreements, which can be of great use. There are several important regional initiatives aimed at creating South-South trade blocs: the Arab Maghreb Union (Algeria, Libya, Mauritania, Morocco and Tunisia), the Agadir Agreement (Egypt, Jordan, Lebanon, Morocco), the Greater Saudi Free Trade Agreement (Arab League countries) and the GCC. The GCC, because of its oil, attracts the largest number of FTA offers outside the region. China, Mercosur (Argentina, Brazil, Paraguay, Uruguay and Venezuela), Korea, Pakistan and Singapore top the list. On the bilateral level, Egypt, Israel and Morocco have the most free trade agreements with other nations. Australia and New Zealand have selectively tried to do business with other countries in the region. The typical menu of Thailand, Malaysia, Korea and India was on their radar. Both countries are looking for the big fish: China and Japan. The Australian Labour government, elected at the end of 2007, is firmly committed to free trade. NAFTA aims to remove customs barriers and liberalize investment opportunities and trade in services.
NAFTA includes Canada, Mexico and the United States, where they came into force in 1994. The United States and Canada have had different forms of mutual economic cooperation in the past. They signed the Canada-U.S. Free Trade Agreement effective January 1, 1989, which eliminated all tariffs on bilateral trade as of January 1, 1998. In February 1991, Mexico approached the United States to conclude a free trade agreement. Canada was also involved in the formal negotiations that began in June 1991. The resulting North American Free Trade Agreement came into force on January 1, 1994.  In addition to the EU and the United States, most countries trying to secure free trade agreements with African nations are directly down on South Africa`s regional force train and its creation of the Customs Union, SACU. China and Singapore are currently negotiating free trade agreements with SACU.
EFTA and Mercosur have already signed one. India is preparing to offer something. Free trade agreements between China and India with SACU are important, as both countries are currently investing heavily in Africa. China mainly supplies oil and oil, while India enters the mining, automotive and textile industries. While the EU may be Africa`s historic trading partner, China and, to some extent, India are taking a bigger share of the pie. The formalization of these relations through free trade agreements – and the accompanying policy – seems to be the obvious next step.  Denis Medvedev, "Preferential trade agreements and their role in world trade," World Bank Policy Research Working Paper 4038, October 2006, go.worldbank.org/2KKER5K7O0.