hat the power of the EC would develop to the point that European nations that were not EC members would find themselves at a significant disadvantage at some point in the future. The collapse of the socialist bloc in Eastern Europe and the Soviet Union cast loose countries that began to look to the EC as an economic savior.
Austria and the Scandinavian countries were members of the European Free Trade Association (EFTA), a trading bloc characterized by much less political and economic integration
6D. N. Thompson, "The Triad, Reciprocity, and Alliances," Business Quarterly, March 1990, 25 29.
8"Three Blocs or One?" World Monitor, December 1991, 32.than the EC. In late 1992, the EC and the EFTA signed an agreement that provided for much freer trade between the two blocs.
While all of the efforts at increased regional economic integration continued, the member countries of the GATT remained unable to settle their differences.9 Primarily, the
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