what are barries to integration? explain how to overcome it? explain advantages of integration
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Economic integration requires an arrangement between the countries of a geographical region, with the goal of reducing and eventually eradicating tariffs and non tariffs barriers, of the free movement of goods or services, and between production factors, and any type of arrangement wherein in which countries willing to coordinate their fiscal, trade, fiscal, & monetary policies
Explanation:
Advantages of Economic Integration
- Economic integration will decrease trade costs , increase products & services availability and raise the purchasing power of customers via member nations.
- Jobs prospects are improving, as "trade liberalization" leads to "business growth", "technology sharing & foreign investment".
- "Political cooperation" between nations can also be improved by improving economic ties that offer an stimulus for peaceful conflict resolution & add to enhanced stability.
Barriers to Economic Integration
- Transaction cost works are a very strong barrier to economic integration than import tariffs
- Trade diversion can take place.
- Smaller high cost producers can be taken over or they can go out of business
To know more
What are the various forms of economic integration? - Brainly.in
https://brainly.in/question/2705831
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