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‘New’ regionalism- economic, trade blocks (regional spaces through which…
‘New’ regionalism- economic, trade blocks (regional spaces through which states can interact, istead of EU-style supranational experiments)
Between 1990 and 1994, GATT was formed of 33 regional trading arrangements, nearly a third of those that had been negotiated since 1948.
The Asia-Pacific Economic Cooperation (1989) expanded from 12 members to 21, has countries that account for 40 per cent of the world’s population and over 50 per cent of global GDP.
1992 saw the signing of NAFTA, linking Canada, Mexico and the USA.
1993 saw the ratification of the Treaty of the European Union (TUE, or Maastricht Treaty), which transformed the European Community into the European Union.
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WHY?
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End of the Cold War --> former communist countries to view economic integration as a means of supporting their transition to the market economy.
World Trade Organisation (WTO) and the growing influence of other institutions and global economic governance persuaded many countries that regionalism was a way of gaining power influence within multinational bodies.
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The near-simultaneous creation of NAFTA, the formation of the EU and the development of am ASEAN Free Trade Area .
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A particularly significant concern within the EU has been to protect the European social model, characterised by comprehensive welfare provision, from a ‘race to the bottom’ ignited by neoliberal globalisation
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