What are the economic and political arguments in favour and against regional economic integration
Answers
Explanation:
Regional economic integration refers to “agreements between countries in a geographic region toreduce tariff and non-tariff barriers to the free flow of goods, services, and factors of production between each other”. (Hill, C. W. 2014) Usually regional economic integration helps all members that are involved; there are five levels of integration Free trade area, Customs union,Common market, Economic union, and Political union.There are arguments on both sides of the economic and political integration; generally, many groups within a country oppose the notion of economic integration. It can be costly because thereis a lot involved in making this happen, second it only makes sense when the trade amount exceeds the amount is diverts. This happens when higher cost suppliers are replaced with lower cost suppliers.I don’t think we will see much of this because there either way it seems that there are two sides to this, one will prosper and the other will falter. Sometimes wars have begun over this; if the country’s lack of trade diminishes and the costs rise there will surely be issues within the country.
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