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Therefore, harmful effects of regional blocs can be removed in one of the following ways:

i. All regional blocs should be abandoned. It means that no new blocs should be formed and plans should be drawn to wind up all the existing ones.

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ii. Alternatively, the entire world should be knit into a single bloc, which means complete economic integration and globalisation of ail countries.

However, neither of these two things is likely to happen. This is because, as seen above, member countries of a regional bloc are reluctant to sacrifice their immediate gains from it.

Similarly, the second solution faces innumerable and insurmountable hurdles in its way. Moreover, with the passage of time, new regional groupings are coming into existence.

Proposals for new groupings are being made and discussed and agreements are being drawn up all the time. The trend of regional groupings appears to be irreversible since both the US and the European Union are already members of several preferential treatment arrangements and are actively engaged in negotiating additional agreements with more countries.

Also, the developed countries are insisting upon putting fresh hurdles in the way of trade and exports from developing countries in the name of labour standards, physiosanitary standards in production and so on.

The latter are, therefore, compelled to seek trade cooperation with each other, thrust into each other’s arms, so to speak, by the ‘hostile’ trade postures of other regional blocs.

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