REGIONALISM: DISGUISES PROTECTIONISM OR AN ALTERNATIVE PATH TO GLOBAL TRADE LIBERALIZATION
REGIONALISM: DISGUISES PROTECTIONISM OR AN ALTERNATIVE PATH TO GLOBAL TRADE LIBERALIZATION
No Thumbnail Available
Date
2002
Authors
GAMADEKU, CUDJOE
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
The emergence of three major powerful and growing regional blocs; the European
Union (EU), the North American Free Trade Area (NAFTA) and the Asia-Pacific
Economic Community (APEC) on the international trading system as a result of
the proliferation of regional trading arrangements in the 1990s created the anxiety
that they may turn inwards and flout the rules of the multilateral trading system
and even oppose it. This was essentially because trade theory was not certain on
their impacts on the system and various scholars took opposing views which all
have some merits.
This work took a historical approach by looking at the institutional policy
implementation and performance features of the three major blocs to determine
their impact on the multilateral system. The conclusion was that both the EU and
NAFTA exhibit both protectionist and liberalizing tendencies both in policy and
its implementation. Consequently their impact depended on the policies being
implemented. APEC was peculiar in the sense that its guiding principle had been
open regionalism. The Asian members had been avid supporters of the
multilateral system because they had benefited from it. They took the regional
approach on survival instinct and as an alternative path to global free trade.
Based on the findings the research concludes, and in support of theory, that
regionalism is not necessarily harmful to multilateralism. The outcome depends
on the net effect of the trade creation and deflection associated with it. If the net
effect is trade creation and so welfare enhancing then regionalism becomes a
“stepping stone” and an alternative path to global free trade otherwise it becomes a
“stumbling bloc”.
Description
SUBMITTED TO THE DEPARTMENT
OF POLITICAL SCIENCE OF AHMADU BELLO
UNIVERSITY, ZARIA IN PARTIAL FULFILLMENT FOR
MASTER OF INTERNATIONAL AFFAIRS AND DIPLOMACY
(MIAD) DEGREE.
Keywords
REGIONALISM,, DISGUISES,, PROTECTIONISM,, ALTERNATIVE,, PATH,, GLOBAL TRADE,, LIBERALIZATION