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Regionalism versus Multilateralism: The Asia-Pacific Penchant

In: The Asia-Pacific Economy

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  • Dilip K. Das

    (University of Sydney)

Abstract

Although it was initiated by Viner (1950), the debate on regionalism versus multilateralism only became intense following the signing of the Treaty of Rome (1958) and establishment of two large economic blocs in Europe. The resurrection of protectionism and later on the débâcle of the Uruguay Round gave new relevance to it. There are several economic reasons why regionalism, in the form of grouping together as free-trade areas or customs unions, is a profitable strategy for the economies forming a regional group. If the regional grouping is of an open and non-discriminatory variety and does not become a defensive economic bloc, it contributes to multilateralism. Prima-facie regionalism seems an antithesis of the most-favoured-nations principle of the General Agreement on Tariffs and Trade (GATT) and a gross abuse of its Article XXIV. However, according to the last stand taken by the GATT, it is to be treated and accepted as a worthwhile supplement to multilateralism, not an alternative. There has been a great deal of growth in the intraregional trade in the Asia-Pacific region over the 1980s.

Suggested Citation

  • Dilip K. Das, 1996. "Regionalism versus Multilateralism: The Asia-Pacific Penchant," Palgrave Macmillan Books, in: The Asia-Pacific Economy, chapter 6, pages 221-252, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37555-0_6
    DOI: 10.1057/9780230375550_6
    as

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