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  • 03 Extent of Regional Integration Among Countries.

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    The document describes different levels of regional economic integration among countries: 1. Free Trade Area - Countries eliminate restrictions on trade between members but maintain individual commercial policies with non-members. 2. Customs Union - Builds on a free trade area by adopting a common external commercial policy in addition to free trade. 3. Common Market - Goes beyond a customs union by allowing free movement of capital and labor within the market. 4. Economic Union - Takes integration further by harmonizing some economic policies like monetary and fiscal policies. 5. Full Economic Integration - Represents complete integration through a single market with unified social and economic policies governed by a supranational authority.

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    Extent of Regional Integration among countries

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    The document describes different levels of regional economic integration among countries: 1. Free Trade Area - Countries eliminate restrictions on trade between members but maintain individual commercial policies with non-members. 2. Customs Union - Builds on a free trade area by adopting a common external commercial policy in addition to free trade. 3. Common Market - Goes beyond a customs union by allowing free movement of capital and labor within the market. 4. Economic Union - Takes integration further by harmonizing some economic policies like monetary and fiscal policies. 5. Full Economic Integration - Represents complete integration through a single market with unified social and economic policies governed by a supranational authority.

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    © All Rights Reserved
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    4 views2 pages

    03 Extent of Regional Integration Among Countries.

    Uploaded by

    kohli430
    The document describes different levels of regional economic integration among countries: 1. Free Trade Area - Countries eliminate restrictions on trade between members but maintain individual commercial policies with non-members. 2. Customs Union - Builds on a free trade area by adopting a common external commercial policy in addition to free trade. 3. Common Market - Goes beyond a customs union by allowing free movement of capital and labor within the market. 4. Economic Union - Takes integration further by harmonizing some economic policies like monetary and fiscal policies. 5. Full Economic Integration - Represents complete integration through a single market with unified social and economic policies governed by a supranational authority.

    Copyright:

    © All Rights Reserved
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    of 2

    Characteristics of Regional Integration among Coun

    Free Trade Area

    Free Trade among


    members

    Customs Union

    Free Trade among


    members

    Common external
    commercial policy

    Common Market

    Free Trade among


    members

    Common external
    commercial policy

    Free factor mobility


    within the market

    Economic Union

    Free Trade among


    members

    Common external
    commercial policy

    Free factor mobility


    within the market

    Economic
    Integration

    Free Trade among


    members

    Common external
    commercial policy

    Free factor mobility


    within the market

    1. Free Trade Area : A free trade area is a grouping of countries to bring about free trade between th
    restrictions on trade among the members but each member is left free to determine its own commerc

    2. Custms Union : A customs union is a more advanced level of economic integration than the free
    restrictions on trade among members but also adopts a uniform commercial policy against non-mem

    3. Common Market : The common market is a step ahead of the customs union. A common market
    capital within common market, besides having the two characteristics of the common union and free

    4. Economic Union : A still more advanced level of integration is a economic union. Apart from satis
    market, the economic union achieves some degree of harmonisation of national economic policies, t
    monetary and fiscal policy etc. Example is EU.

    5. Economic Integration : The ultimate form is full economic integration charecterised by the compl
    bloc movement of goods and factors, unification of social as well as economic policies and all the me
    supernational authority consisting of executive, judicial and legislative branches.

    tion among Countries

    Harmonised
    Economic policies
    Harmonised
    Economic policies

    Supernational
    organisational structure

    free trade between them. The free trade area abolishes all
    mine its own commercial policy with non-members.

    gration than the free trade area. It not only eliminates all
    cy against non-members.

    n. A common market allows free movement of labour and


    mmon union and free trade area.

    nion. Apart from satisfying the conditions of the common


    economic policies, through a common central bank, unified

    terised by the completion of the removal of all barriers to intraolicies and all the members bound by decisions of a

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