Open regionalism" represents an effort to resolve one of the central problems of

contemporary trade policy: how to achieve compatibility between the explosion of

regional trading arrangement around the world and the global trading system as

embodied in the Wold Trade organization. The concept  seeks to assure that

regional agreements will in practice be building blocks for further global

liberalization rather than stumbling blocks that deter such progress. This article

addresses "open regionalism" in the context of Asia Pacific Economic

Cooperation(APEC). which evolved as an effort to reconcile potential conflicts

between "globalism vs. regionalism." Presenting five alternative definitions of the

concept-open membership, unconditional most favored-nation(MFN) treatment,

conditional MFN treatment, global liberalization, and trade facilitation-and the

arguments for and against each, this article concludes with recommendations for

proceeding with the "open  regionalism." Properly defined and implemented, it can

enable APEC to simultaneously achieve regional and global free trade, and provide

the definitive answer to the potential clash between "regionalism and globalism" by

rolling all regional liberalization initiatives into a global free trade agreement and

thereby eliminating all trade preferences. "Open regionalism" could and should be

adopted as well by other evolving regional arrangements, so that it may turn out

to be the most promising international trade strategy for the early 21st century.