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Abstract
Regional trading arrangements2 have become increasingly important in the relations among Fund members. This paper reviews recent developments in regional trading arrangements, factors contributing to their proliferation, and the effects of increased regionalism including its compatibility with multilateral liberalization. This is supported by a comprehensive catalog of existing arrangements (in Appendix I). Two of the most prominent regional initiatives, the European Union (EU)3 and the North American Free Trade Agreement (NAFTA), are reviewed in some detail. Selected agreements are examined briefly in Appendices II-IX (the EU’s trading relations with transition and Mediterranean economies, the Southern Cone Common Market (Mercosur), the Central African Customs and Economic Union (UDEAC), the Cross-Border Initiative (CBI), the ASEAN Free Trade Area (AFTA), the Asia-Pacific Economic Cooperation Forum (APEC), the Gulf Cooperation Council (GCC), and the Economic Cooperation Organization (ECO)). Appendix X provides information in intra- and extra-regional trade flows.
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