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Globalisation and Regional Integration - Term Paper Example

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The paper focuses on regional integration which is a process by which two or more countries or states form a council or a collective and work together closely in order to attain stability, harmony and wealth. This integration is usually done by signing some written agreements…
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Globalisation and Regional Integration
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Download file to see previous pages It's pointed out that GCC, Gulf Corporation Council includes the six Gulf countries; Saudi Arabia, Bahrain, Kuwait, Qatar, the United Arab Emirates, and Oman. This council was formed in May 1981 in order to promote peace and unity among these countries (Dubai Government Media, n.d.). The major reason for the establishment of regional integration was the resources these countries have in common. These countries are rich in oil and petroleum resources and the industry is successful. Apart from resources, these countries have a lot of other characteristics in common such as they have the same Arabic language, they have related histories, they follow the same religion, they have the same rules and regulations and they share same cultural patterns. One of the major strengths of this region is that they have mutual views on world problems and always vote the same on issues. This gives them an opportunity to be a significant and independent force in the United Nation’s decision making. Importance of Study This study is important as it describes the role of regional integration in the development of unity and peace among similar countries and how it helps under-developed countries to cope up with the developing ones. Integration through: Commodity Trade and Service Trade The GCC is an economic, political, social, regional organization but more stress is given to the economic sector. This is because of the reason that the economy plays an important role in the development of a country. The members of the GCC have agreed to towards creating a Single Market (SM). This was done in order to strengthen the foundations of GCC Single Market. The free movement of goods, services, and labor between the members had significantly improved their GDPs. The new FDI policies adopted by the members have strongly increase FDI flows in and out of GCC states since 2003. The main sector that increased the FDI inflows to the members was the service sector. In 2010, the services sector was responsible for 42 percent of the FDI inflows whereas the oil and gas sector accounted for 16 percent (UNCTAD secretariat, 2012). The following figure shows the share of FDI in Green Field projects according to geographical regions. According to the figure, the FDI projects from developing countries have increased from 2003 to 2005 and then observe a constant increase and decrease during the years later. The share of FDI projects from the Asian region was highest in 2007 and the lowest in 2003. Further it decreased in 2011 but still, the Asian share among developing countries is larger as compared to GCC countries and other developing countries. During this period, the share of GCC countries was zero. This shows that the FDI inflows during the 2000s came in from different geographical origins which helped the economy grow. The Asian developing countries shifted the FDI stock from developed countries from 80% to 56%. This data basically verifies the escalating significance of Asian countries as sources of FDI in the GCC states. According to a leading economist, the oil prices are not expected to rise which will ultimately slow down the GDP growth rate of GCC. The article compares the growth of the oil and non-oil sector in 2011 and 2012. The non-oil sector will remain at the same level as of last year. Qatar has the most swiftly increasing non-oil sector which will keep on growing in the coming years.  ...Download file to see next pagesRead More
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