Regionalism has been a significant phenomenon in post-Second World War international relations. 1950s and 1960s witnessed the rise of many regional groups in different parts of the world – the European Economic Community in Western Europe, the Organisation of African Unity in Africa, the Organisation of Petroleum Exporting Countries in the Middle-East, and the Association of Southeast Asian Nations in Southeast Asia, to name a few. The success of the EEC among these was the most spectacular, but the same was not repeated in other parts of the world. By 1980, many of these regional organisations had been weakened and some had even ceased to exist. However, regionalism received a renewed impetus after the end of the Cold War and with the push of globalisation. The end of the Cold War brought about some major transformations in the international order. It accelerated the growth of interdependence, and provided impetus to the process of globalization. This has led to the erosion of sovereign power of the state. The question whether the state is – and how long will it continue to be – the primary organizing unit of international system, is being debated much more seriously today than ever before. Since the mid and late 1980’s, regionalization began to re-appear in different parts of the world. This process coincided with the rise of globalization. The two processes, thus, need to be explained and analyzed in the context of each other. Both globalization and regionalization lead