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Using ECOWAS as a Trading Bloc Discuss the Challenges that Globalization Poses to Economic Integration - Coursework Example

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Challenges that Globalization Poses to Economic Integration in ECOWAS Trading Block:
Regional integration has become an important trading arrangement, thanks to globalization, as it allows economic growth and resources sharing among the member countries…
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Using ECOWAS as a Trading Bloc Discuss the Challenges that Globalization Poses to Economic Integration
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ECOWAS was established in 1975 in Lagos, Nigeria, with fifteen members joining; it utilizes three languages, English, Portuguese, and French. Its membership has remained stagnant, with only one additional member and one withdrawal. The main objective of ECOWAS is the promotion of economic integration in agriculture, commerce, transport, and natural resources among others. Generally, ECOWAS countries enjoy free movement of goods, which is tariff free, and therefore, reduction of trade barriers is evident among these countries. ECOWAS will be celebrating the 35th anniversary this year, with some of its achievements being suppression of custom duties and taxes, and economic growth. According to Mark, globalization can be defined as the process of continuous integration of countries globally, mainly influenced by technological change and trade liberalization. Technological changes are evident with globalization trend; indeed, improvement in transportation network and technology reduces the transportation costs. The existence of globalization has fostered international trade, which has led to knowledge acquisition, especially for African countries, and as a result, fostering development in these countries. However, globalization is also accompanied with various challenges, especially to economic integration. ...
This paper will discuss the Challenges that globalization poses to economic integration using ECOWAS as a trading block. ECOWAS as a trading block Economic integration involves the abolishment of trade barriers, which include tariff and non-tariff barriers, with an aim of enhancing the flow of goods and services between member nations. ECOWAS’ main aim is economic integration; competition law has been introduced by the organization, which comprises of a set of rules and regulations aimed at encouraging free and fair markets, equal competition condition, promotion of allocative efficiency, maximization of consumer welfare, and ensuring transparency and fairness (ECOWAS, N.d, p.3). Therefore, ECOWAS has regulated competition as a form of ensuring fairness and equality. Economic Integration or regionalism Economic integration enables member states to have a wide selection of goods and services at low costs due to reduced tariffs. In addition, economic integration encourages trade among nations. Moreover, employment opportunities are created through trade liberalization that leads to the expansion of markets. Market expansion yields to investments in other nations, thereby creating job opportunities for citizens of the host country. Countries that trade together can provide solutions for issues such as political instability, which may be affecting a trade partners. The agreement to manage and control trade, monetary policies, and fiscal policies is advantageous; for instance, trade is given a chance to progress, thus, acquisition of goods and services at low costs becomes a possible mission. Such agreements, for instance in ECOWAS, lead to long lasting relationship between countries, which can also lead to ...Download file to see next pages Read More
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