PANAGARIYA, Arvind creator text 1994 monographic Argues that the costs of sub-regional preferential trading schemes such as the ASEAN outweigh their benefits. Evaluates the case for a region-wide, discriminatory bloc along the lines of the EU or NAFTA, and concludes that though the threat of such a bloc may keep the NAFTA and EU from turning into closed blocs, its actual execution is a risky proposition. Evaluates the case for GATT-style, MFN-based nondiscriminatory liberalisation. 3/7/00 M2LMGR