Open regionalism
Topic: International Trade Policy, WTO and Intellectual Property · NCERT: Beyond NCERT
Meaning
Open regionalism is regional economic integration that does not raise barriers against outsiders. Members cut barriers among themselves without shutting out non-members. The aim is for regional deals to support global free trade, not work against it.
Example
APEC (1989) is the classic case. It promotes trade liberalisation in the Asia-Pacific while trying not to discriminate against economies outside the group.
Don't confuse with
- Customs union: members adopt a common external tariff, so they keep one shared tariff wall against outsiders.
Related concepts
- Stages of economic integration
- Preferential trade agreement
- Free trade agreement
- Customs union
- Common market
- Economic union
- Monetary union
- Trading bloc
- Regional economic groupings
- Regionalism