2. MEANING
Economic Integration :- At the most basic level, economic
integration is an agreement between countries, which aims to reduce
costs for both producers and consumers.
3. OBJECTIVES
Establishment of a free trade area :-
• Agree to reduce or eliminate barriers to trades on all
goods.
Creation of a customs union:-
• Remove trade barrier, reduce or abolish customs duty,
it was defined by GATT.
4. Development of a common market:-
• Allows members free access to each others market.
Achieving an economic union:-
• Increasing economic efficiency and establishing closer
political and cultural ties.
