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Mr. Richard T. Harmsen and Mr. Michael P. Leidy

detail. Selected agreements are examined briefly in Appendices II - IX (the EU’s trading relations with transition and Mediterranean economies, the Southern Cone Common Market (M ercosur ), the Central African Customs and Economic Union (UDEAC), the Cross-Border Initiative (CBI), the ASEAN Free Trade Area (AFTA), the Asia-Pacific Economic Cooperation Forum (APEC), the Gulf Cooperation Council (GCC), and the Economic Cooperation Organization (ECO)). Appendix X provides information in intra- and extra-regional trade flows. The key conclusions of the paper are as

International Monetary Fund. Secretary's Department

AFTA ASEAN Free Trade Area APEC Asia Pacific Economic Cooperation APEC Asia Pacific Economic Cooperation ASEAN Association of Southeast Asian Nations C aricom Caribbean Community and Common Market CGCED Consultative Group for Caribbean Economic Development CGIAR Consultative Group on International Agricultural Research C omecon Council for Mutual Economic Assistance EC European Community EFF Extended Fund facility EFTA European Free Trade Association EMS European

Presentation of the Forty-Eighth Annual Report1 By the Chairman of the Executive Board and Managing Director of the International Monetary Fund, M. Camdessus
International Monetary Fund. Secretary's Department

transition, of the expansion of global markets and improved access to markets in the industrial countries. Perhaps no single policy action would be more effective in improving global growth prospects than the successful conclusion of this Round by the end of 1993. But what about the growing trend toward regional trading arrangements, such as North American Free Trade Agreement (NAFTA), the Association of Southeast Asian Nations (ASEAN) Free Trade Area, the Southern Cone Common Market ( Mercosur ), the Visegrad Group, and the EC’s closer links with European Free Trade

International Monetary Fund. Secretary's Department