Over the past decade, policy-makers have been confronted with the trends of globalization and regionalization. Economic activity across national borders has been increasing rapidly, creating new opportunities, but also leading to fears of exclusion or marginalization. At the same time there has been a new wave of regionalism, involving industrial as well as developing countries. Developing economies are strongly encouraged to embrace ‘openness’ — in other words, to dismantle their barriers to trade and investment. Openness is presented as the key to participation and integration in the world economy, which will stimulate economic growth.
KeywordsWorld Trade Organization Trade Liberalization Regional Grouping North American Free Trade Agreement Uruguay Round
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