310 lecture 11
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Regional Trade Integration

Regional Trade Integration

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310 lecture 11 310 lecture 11 Presentation Transcript

  • International Economics Lecture 11 Regional Economic Integration
  • Regional Economic Integration
  • Regional Economic IntegrationAgreements among countries to reduce trade barriers Over 400 Agreements
  • WTO 1995157 Members
  • European Union EU 1993 27 Nations 500 million $17 trillion US
  • NAFTANorth American Free Trade Act 1994 27 Nations
  • Levels of Integration Free Trade - Removing barriers between each other. Political Union Customs - Free Trade plus Economic Union common external tradeEU policy Common Market Customs Common Market - Customs plus free flow of Free factors of production. Trade Economic Union - Common Market plus common currency and tax rates. Political Union - Economic Union plus unified political management. NAFTA
  • Case forIntegration
  • Case forIntegrationGreater wealth Cooperation Power
  • Case againstIntegration
  • Case againstIntegrationTrade CreationTrade Diversion
  • Impediments Integration
  • Impediments IntegrationNations win, groups lose National Sovereignty
  • Euros Benefits • Lower costs17 of the 27 EU • Easier to compare • Efficiency • Liquidity • New opportunities Costs • Lose control • Not optimal currency area • Currency should follow political union
  • The Cooperation Councilof the Arab States of the Gulf Gulf Cooperation Council GCC 1981
  • Saudi ArabiaUAEOmanQatarBahrainKuwait