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Trade relations today are undergoing more fundamental change than at any time since immediately after World War II. The rules of the game in international economic relations have changed dramatically, particularly since the early 1980s. The multilateral trading system is facing a severe test, with an apparent tilting of the preferences of its major players in favor of subglobal arrangements. At the same time, a growing number of developing countries are embracing unilateral trade liberalization. This article presents how new developments in international business and trade affect international relations and the evolution of a new world order. In doing this, the process of globalization and economic integration, the building of economic blocs in Europe and North America, and the response from Asia will be examined. © 1995 John Wiley & Sons, Inc.

The economic development of emerging countries such as China, India, Brazil, and Russia has serious implications for the multilateral trading system, and for government policies worldwide. This paper explores globalization and regionalization processes in order to assess the effects of trade liberalization on emerging countries. Today, major economic players tend to focus on bilateral and regional agreements. Attention must be paid to how these agreements affect the multilateral trading system and the trilateral world economy. One aspect that stands out from this study is that the role of countries such as China and India, which are reshaping trade patterns, remains to be defined within the Asian regional framework. Equity issues also have an important role to play, both at a regional and at a global level. Consideration of the intersections between the regional and/or bilateral trade agreements of member countries raises interesting questions about the role of trade blocs in the future trajectory of the global economy.

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