We study the stability of trade policy arrangements under two regulatory scenarios, with/without
PTAs. Unlike previous papers, we consider an extensive set of trade policy constellations and allow for
unlimited farsightedness of negotiating parties. We find global free trade (GFT) to be uniquely stable under
symmetry, with/without PTAs. When two countries are smaller(larger) than the third, availability of PTAs
decreases (increases) the stability of GFT. Away from symmetry, GFT is not attainable, and without PTAs
the non-cooperative MFN regime is the only stable outcome. The effect of (dis-)allowing PTAs thus depends
on the size asymmetry of countries.