Regionalism can also encourage a common approach to issues in international debate or negotiation. But above all, regional trade initiatives are a powerful instrument to decrease or eliminate tensions. However, the rapid advance of global economic integration means that while regional initiatives remain important, they are not sufficient by themselves to address successfully the new perspectives of the international economy. That is why we need a second track, which is the rule-based multilateral system. And that is why the multilateral system is of fundamental importance to the economic prosperity of this region.
Globalization is an irreversible process.
Its momentum comes from the advance of technology, of communications, and of access to information, as well as from the international flow of goods and finance. To stop this autonomous process or to slow it down is almost impossible - even if we would restore high protectionist walls around each nation or each group of trading nations. It would be in any case a tragedy not just for economic progress but also for security and peace. The only sensible way is to make globalization work for all of us. That this is entirely possible is shown by the fact that a third of the world's twenty-five leading exporters are now developing countries.