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1 1 (1996)

handle is hein.amenin/aeiaatb0001 and id is 1 raw text is: Edited by Jagdish Bhagwati and Arvind Panagariya This book makes a significant contribution to the complex and contentious debate around multilateralism versus regionalism. The chapters, both theoretical and empirical, should be required reading for academics and policy makers. -Sylvia Ostry, Chairman, Centre for International Studies, University of Toronto Although the public equates free trade areas with free trade, these areas operate under preferential trading arrangements-with free trade for members only and implicit protection against non- members. This volume probes the claims of proponents of free trade areas and analyzes the two principal initiatives associated with recent U.S. trade policy: NAFTA and APEC. The authors show that the economics is much more com- plicated than it would be for real, nondiscriminatory free trade- and throw doubt on the wisdom of changing U.S. policy. Despite the Clinton administration's enthusiasm for extend- ing the North American Free Trade Agreement to Chile and beyond and its interest in restructuring the Asia-Pacific Economic Community as a free trade area, the authors conclude that the United States should reject preferential trading arrangements in favor of the more beneficial goal of nonpreferential trade. ISBN-13: 978-0-8447-3969-4 ISBN-1D: 0-8447-3969-3 51495 9 780844 739694 Il '1 I I II I N 1 I I III 11 il ir A. Ir

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