Abstract
Regional cooperation is not a new concept. During the sixties regional groupings were formed in almost all developing regions of the world in the wake of the creation of the European Common Market. However, in recent years interest in regionalism has been revived partly in response to increasing globalization. The new regionalism of the eighties and nineties envisages greater integration among members of both developed and developing countries through the establishment of closer economic and trade linkages. The creation of NAFTA, MERCOSUR and the Central European Free Trade Area, and a renewed interest on the part of ASEAN, SAARC and SADC to create free trade areas (see de Melo and Panagariya, 1993) are all testimony to this new trend. The context of earlier regionalism (that is, import-substituting industrialization) is very different from that of new regionalism (multilateralism and globalization). It is for this reason among others, that the issue of compatibility or conflict between regionalism and multilateralism has come to the forefront of the current debate about the global economy.KeywordsFree TradeRegional GroupingRegional CooperationCustom UnionGulf Cooperation CouncilThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
