Economic Integration Law Introduction Over the past few years globalisation has brought tremendous benefits to the global economic community across the continent, and made greater reliance on others for products and services. It leads to the closer international cooperation whiles ensuring the regional integration is ever more inclusive and works for the benefits of all…
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They represent free trade area while resulting in trade creation by shifting the production of some items from less efficient member countries to more efficient member countries. Regional economic integration encourages countries in a geographic region to reduce or remove tariff and non-tariff barriers which allow free flow of goods and services among them. At the end, the system promotes global business (OPPapers.com, 2011). In recent years, international trade has been witnessed an emergence of two parallel trends, the first one is the rise of regionalism, and the second one is legalism in the enforcement trade agreements. In case of regionalism, there is a host of new integration initiatives drawn along the geographical lines. The two trends have succeeded to garner scholarly attention and spark comparative analysis of regional versus multilateral arrangements. And, at the same time they lead debate regarding the political dynamics of judicialisation within individual facts. Trade facts at regional level exhibits considerable variation in governance structures which are an interesting factor. Moreover, a question of institutional design has proven contentious in recent trade negotiations which underscore their political salience. The creation of supranational institutions in regional trade agreements have direct implications for the academic debates in related to globalisation, sovereignty, and interdependence (Smith, J. 2003). Post Second World War witnessed a prominence of multilateralism and regionalism as more and more countries joined the process of economic integration. We can see the trend during the period 1940-1990. In the process of economic integration, countries those who have entered into the free trade area have introduced several measures for the easy flow of goods and services between the member countries. As a result role played by tariffs in international trade has been declined. Generally countries used trade barriers such as customs, quotas, taxes, duties, anti dumping measures, health, environmental, and safety certification requirements, countervailing duties, constitutional laws, and licenses for the restriction of trade. But, when countries entered into the economic integration, these restrictions have been liberalised for the facilitation of free trade movement. Agreements at regional level which are known as Regional Trade Agreements (RTAs) generally restricted to a particular geographical location and are becoming a defining feature of the modern economy. These are the free trade agreements among the countries of a particular geographical location. Following the success of European Union, which shows that RTAs can build prosperity and peace, countries in other geographical region came closer to form the similar agreements at the regional level. As a result more than 300 regional trading arrangements were registered under World Trade Organisation, and majority of the countries belonging to European Union, America, Austria, Africa, and Asian continent joined regional grouping of one sort or the other. Compare to other regions, countries of the Asian continent were the recent entrants for this field, but they rapidly catching up the race. On the other hand, RTAs in African continent
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(Economic Integration Law Essay Example | Topics and Well Written Essays - 6500 Words)
“Economic Integration Law Essay Example | Topics and Well Written Essays - 6500 Words”, n.d. https://studentshare.org/environmental-studies/1416421-economic-integration-law.
Regional economic integration among the Arab countries especially for the GCC countries has always been a notable phenomenon. The paper provides chronological review of the main stages of the Arab economic integration. Gulf cooperation council has become major regional intergovernmental political and economic union in this region of the world.
This allows the free movement of goods and services between member states which provide benefits for all the members or in some cases for the entire region. Regional economic integration is feasible among countries that have many things in common, such as short distances, better communications and rapid mobility.
The GDP by economic sectors of the Philippines is 14, 9% of agriculture, 29, 1% - industry and 51, 1% - service sector (2009 est.). The GDP of Taiwan is 3 % of agriculture, 35% - industry and 73% of a service sector. In the industrial economic sector Malaysian GDP is 42, 3%, in agricultural sector the GDP is 10, 1% and in service sector – 47, 6% (2009 est.).
The main aim of increasing the trade helps the distributors and consumers as the prices being lowered once there is no requirement to pay the custom duties within the specific integrated states. For the recent years, the economic integration between Brazil and other nations has been flourishing and still it is on the rise.
The decision concerning economic integration is often regarded as a major consideration in the European Union (EU) which tends to facilitate to build an effective and rigorous framework of monetary practices of the member nations. It is principally recognized as a form of integrating monetary standards which has been witnessed to facilitate the member nations to independently develop their economic stability.
The alternative debates embrace a number of new aspects of integration within the EU which entails a number of insights. These include a different analysis from that of "new monetarism" (see Arestis and Sawyer, 1998), new objectives for economic policy to include employment and growth, and new institutions to reduce various kinds of disparities across the EU.
This perhaps, can be termed the greatest single accomplishment the integration of European States has accomplished (John Gillingham, p.xi, Preface, 2003).
Since its inception in the 1950s, the integration of the States in Europe has witnessed changes that can be best described in four parts.
ices of the WTO, the most-favoured-nation (MFN) clause was devised to obliterate the trading gap between and amongst nations as privileges or advantages conferred to one Member State shall be uniformly applied to all other Member States. It is a multilateral trading system in
Free trade area, for instance the North American Free Trade Agreement (NAFTA) presents the simplest form of economic integration where all member states cancel all trade obstacles between them (Laursen 34). However, member nations have the freedom to establish their
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