Effects of world market oriented regional integration on developing countries

The inward-oriented wave of regionalisation in the mid-sixties in the so-called developing countries was judged, twenty years later, to have been a failure almost everywhere. Since the beginning of the nineties a new trend towards regionalisation has been emerging, this time more strongly oriented towards world markets. Do the new regional integration agreements complement the economic and development policy effects aimed at by the structural adjustment programmes of the international financial institutions? What effects do they have on the economic development and the industrialisation of the countries involved?