ASEAN - into the second generation: potentials and proposals in the economic dimension

Abstract

First, the failure by major trading nations to agree on a new General Agreement on Tariff and Trade (GATT) has raised serious concern throughout the world, especially among the developing nations, on the shape of future world trade. The Uruguay Round is still deadlocked. Without GATT or some similar institutional mechanism to regulate international trade, the world could break up into regional protectionist blocs that could well stifle business and trade.