The past decade has witnessed the emergence of new regional economic groupings and the revitalizing of existing ones. This development raises questions about whether such groupings are ‘building blocks or stumbling blocks’ towards efforts to create a global multilateral trading system and a unified global economy. One view is that by gradually introducing free trade or trade liberalization at a regional level, they could be considered the initial steps towards global liberalization of trade. Such liberalization may initially be easier when a small number of countries is involved.
KeywordsEurope Transportation Income Marketing Expense
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