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The other, which is compatible with the most-favoured nation (m.f.n.) rule of the World Trade Organisation (WTO), is "open regionalism" which allows non-discriminatory trade between members and non-members of the region. In other words, the gradual elimination of internal trade barriers within a region will be implemented at more or less the same rate and on the same timetable as the lowering of trade barriers towards non-members (Ruggiero 1996). Hence, paving the way for greater multilateral trade liberalisation.
The Asia Pacific Economic Cooperation (APEC) belongs to the second grouping. It emanated at a time of rising economic liberalism (Gill 1994)...
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