Abstract
The Asia Pacific Economic Co-operation (APEC) concept was initiated in December 1989. APEC has held two ministerial meetings subsequently and developed a number of work projects. It is, however, still defining its role. This article assesses the desirability and potential for APEC's development into a regional trading block as a response to the expansion and deepening of the European Community and the formation of the United States-Canada Free Trade Arrangement with probable Mexican participation. The political economy of trading blocs and the economics of regional trade arrangements are examined. The development of inward-oriented trade is ques tioned. It is suggested that APECfs main role should be to continue to bring together the outward orientation that has served East Asian countries so well in the past by acting as a regional lobby for open global trade.
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