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37 Ateneo L.J. 1 (1993)

handle is hein.journals/ateno37 and id is 1 raw text is: 1 LEGAL PROBLEMS IN INTERNATIONAL TRADE SPAWNED BY THE ASEAN FREE TRADE AREA (AFTA)* ARTEMIO V. PANGANIBAN** INTRODUCTION The dissolution of the Soviet Union and the dismantling of its awesome military apparatus have, from the point of view of many, eliminated the threat of a world-wide nuclear holocaust. With the exception of some regional conflicts, particularly in the Middle East, the prospect for long-term international peace is not seriously doubted. Russia and the United States have reduced their strategic nuclear weapons and have given credible assurance that the world need no longer worry about the balance of terror which preoccupied the consciousness of the last generation. Indeed, Pax Americana is here and now. In place of military dominance, the leaders of the world are, more than ever, riveting their attention to economic pre-eminence. While the traditional rich like the United States, Great Britain, Japan, Germany, France, and other developed nations continue to produce the dominant world products and technologies, newly industrializing countries - especially those from the Pacific Rim, like Hong Kong, Singapore, South Korea, and Taiwan - have become the role models for many developing countries in their fervent effort to increase their share in the world market. In the fierce competition for economic This paper was submitted and read during the XIV World Law Conference sponsored by the World Jurist Association from 24-29 October 1993. The Editors of the Ateneo Law Journal are publishing this lecture, with the permission of the author, because it provides a brief, simple introduction to the features of and possible issues that may be raised regarding a rather complicated topic of current concern, the ASEAN Free Trade Agreement. * Senior Partner, Panganiban Benitez Parlade Africa & Barinaga Law Offices and General Counsel/Director, Philippine Chamber of Commerce and Industry. Digitized from Best Copy Available

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