PANAGARIYA, Arvind <br/><br/>
East Asia and the new regionalism in world trade. 

 -  1994 
<br/><br/> 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.