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Abstract
The 1990s appear to be the decade of the regional trade arrangement. From North to South and from West to East, a large number of regional trade arrangements have blossomed and existing arrangements have revived, some deepening their commitments, others expanding their membership. The European Union has moved to a common market and is on the road toward monetary union. The United States, which has modified its strict multilateralist stance, has entered into a free trade agreement with its two North American neighbors. In Latin America, a “new generation” of regional agreements has abandoned the inward-looking policies that prevailed in the 1960s and 1970s and have adopted more outward-looking principles for regional integration.
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