This paper develops a conceptual model for the understanding of economic global realignment as a process towards globalization. The paper further develops a set of objectives that addresses the nature and process of the realignment, and to understand the relationship between the regional group formations and the global system of which it is a part. The insights derived from this purpose must be viewed within a framework that allows an objective appraisal of the globalization process. This new world order is being achieved by way of different variations in the regionalism concept. Developments in the Asia Pacific are addressed as important outcomes of the globalization process.