ABSTRACT
Regional integration arrangements are being seen as a major trend with a new, genuinely worldwide economic and political phenomenon having a significant impact on various issue areas (Hettne 2005). Region formation around the globe has now become a fashion of the day. Almost all countries in the world are members of at least one regional bloc (a notable exception is Mongolia). Apparently the world is becoming a ‘world of regions’ – though not replacing the significance of nation-states. While the number of such organizations is amazingly high, success in attaining their stated objectives is disappointingly low. The European Union (EU), of course, is an obvious exception. Nevertheless, as well as economic benefits, new hopes are hovering around the effectiveness of regional organizations in maintaining regional peace and security.1
