The Bank’s annual Global Economic Prospects 2005: Trade, Regionalism and Development report sounded the alarm over the rapid explosion of preferential regional trade agreements around the world. The study found there has been a six-fold increase in the number of regional trade agreements in the last 20 years, with more than 200 regional agreements in place today. As much as 40% of the current global trade takes place between countries having some form of a reciprocal regional trade agreement. The report warned, however, not all the agreements created new trade and investment opportunities and almost all the regional agreements had adverse consequences on countries left out of the trade pacts.