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Regional Economic Integration Summary

Regional Economic Integration Summary

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Published by sarfrazkhalil

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Published by: sarfrazkhalil on Jan 25, 2010
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11/10/2012

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Regional Economic Integration
Regional economic integration is the trade unification between the states of a region by partially or fully abolishing the custom tariffs on the trade takingplace between these states. That result is the evolution of a single marketplace where free flow of products or factors of production is possible with noor limited costs. The concept came into being after unification of the colonies of Cape, Natal, Transvaal and the Orange Free State under the name of Union of SouthAfrica in 1910. Afterwards in 1951 another example of regional economicintegration was formed by the name of European Steel and Coal Community.It was a six nation international organization created to unify the WesternEurope during the period of cold war by creating a common market for steeland coal. This organization laid the foundations for the European Union. Theobjectives of these early examples of regional economic integration were toprovide welfare to the people and boost up trade and GDP. The economic integration between regions is a process that starts fromestablishing the formal trade relationships with in that region and withpassage of time other trade barriers are removed thus providing a commonand uniform market of the region and if this process further getsdevelopments that might result in economic, monetary and financialintegration and then up to the maximum of political integration. This integration might be very beneficial for the whole region but still thereare certain barriers to that integration, which may be the lack of technicaland operational capabilities of that country. Moreover, people of a countrymight be reluctant towards this change to increased competition in the homemarket, loss of control and sovereignty of the local government. Moreover,ongoing management and administration issues might also surface. So acareful understanding and analysis is necessary to opt for the option tointegrate regionally. The most common example of this integration is European Union which is theeconomic and political union of 27 states formed by the Treaty of MaastrichtM. Sarfraz Khan (41)

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