Question

what is integration explain levels of intergration
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Answer 1

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Specialists in this area define seven stages of economic integration: a preferential trading area, a free trade area, a customs union, a common market, an economic union, an economic and monetary union, and complete economic integration.

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Answer 2

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Economic integration can be classified into five additive levels, each present in the global landscape:

1. Free trade. Tariffs (a tax imposed on imported goods) between member countries are significantly reduced, some abolished altogether.

2. Custom union.

3. Common market.

4. Economic union (single market).

5. Political union.