text: exposurelater. Thisviewregards regional trading blocsindeveloping countries asstepping stonestomultilateralism. 97.Arealistic approach toregional blocswillrequire agreatdealof preparation ifexpected gainsaretoberealized. Careful analysis ofactual and potential costsandbenefits tothosewithin ablocandthosenotincluded within itwillbenecessary, toensureequity andgrowth (seethebox). Box.Whoisn·tina"tradebloc"? European FreeTradeAssociation Austria Finland Iceland Norway Sweden Switzerland European Community Belgium Denmark France Germany, Federal Republic Qf Greece Ireland Italy Luxembourg Netherlands Portugal Spain UnitedKingdom UnitedStates/Canada FreeTrade Agreement Canada UnitedStates UnitedStates/Israel Pact Israel UnitedStates CloserECQnomic RelatiQns Australia NewZealand -29-Economic Community ofWestAfrican States CapeVerde Gambia Ghana Guinea-Bissau Nigeria Togo WestAfrican Economic CQmmunity Benin Burkina FaSQ Coted'IvQire Mali Mauritania Niger Senegal ManQRiverUnion Guinea Liberia Sierra Leone Customs andECQnomic Unionof Central Africa CamerQQn Central African Republic Chad CQngo Equatorial Guinea GabonLakeChadBasinCommission Cameroon Chad Niger Nigeria Economic Community oftheGreat LakesCountries Burundi Rwanda zaire SouthAfrican Customs Union Botswana Lesotho SouthAfrica Swaziland Central American Common Market CostaRica ElSalvador Guatemala Honduras Nicaragua Association fortheIntegration ofLatinAmerica Argentina Brazil Chile Mexico Paraguay Uruguay Andean Group Bolivia Colombia Ecuador Peru Venezuela Caribbean CommonMarket Barbados Belize Guyana Jamaica Trinidad andTobago -30-Organization ofEastCaribbean States Antigua andBarbuda Dominica Grenada Montserrat St.KittsandNevis St.Lucia St.Vincent andtheGrenadines Association ofSouthEastAsian Nations Brunei Darussalam Indonesia Malaysia Philippines Singapore Thailand SouthAsianAssociation for Regional Co-operation Bangladesh Bhutan India Maldives Nepal Pakistan SriLanka Council forMutual Economic Assistance Bulgaria Cuba Czechoslovakia German Democratic Republic Hungary Mongolia Poland Romania VietNam USSR Economic Co-operation QrganizatiQn Iran Pakistan TurkeyC.Trading blocsandthemultilateral framework 98.Today'smultilateral trading framework, although subject toerosion and despitetheprotectionist measures stillinplace,isinhistorical terms relatively open. Thegrowthofnon-tariff barriers totrade,unilateral decisions onanti-dumping, andthegrowth ofbilateral tradenegotiations bycertain developed countries threaten thecontinuation ofanopen,multilateral trading system. Theachievement ofliberal trading andaccompanying monetary andcredit conditions hastakenagreatdealofeffort. TheUnitedStateshasuntilrecently playedaleading role,but,unfortunately, therehavebeentoomany"freeriders" inthepast.Further multilateral liberalization willrequire moreeffort, and becauseofthechanges ineconomic weights intheworldeconomy, developed market, developing andformerly centrally planned economies cannolongeraffordtoshirk theirresponsibilities. NorcantheUnitedStates. Discrimination against trade frolllthedeveloping countries, asrepresented bytheMulti-fibre Agreement, is countertothespiritofmultilateral ismandthecreation ofamoreequitable international economic order. GATTneedsthesupport ofallcountries, including
analysis: The text discusses regional trading blocs, their potential benefits and costs, and the importance of multilateralism in international trade. It highlights the need for careful analysis of the actual and potential costs and benefits of regional blocs to ensure equity and growth. The text also touches on the erosion of the multilateral trading framework and the need for more effort to achieve liberal trading and accompanying monetary and credit conditions.