Running head: REGIONAL ECONOMIC INTEGRATION Regional Economic Integration Autor’s name Institutional Affiliations REGIONAL ECONOMIC INTEGRATION Abstract The regional economic integration of such Asian countries as Philippines, Taiwan, Malaysia, and Indonesia was studied in the context of a visual research task…
Indonesian economy is rapidly developing; it is the largest economy of South Asia nowadays. The country’s GDP is 14, 4% in agricultural sector, 48, 1% - industry, and service sector is 37, 5% (according to 2009 data). All the countries mentioned above appear to be competing as they produce and export similar goods. At the given time period these Asian countries’ economy is attractive for foreign investors. Still, the business in tourism and oil refining branch remain the most profitable and prosperous nowadays, thus this fact makes these branches interesting to the potential investors. As for Taiwan economy, financial sector is also worth to invest in. Key words: regional economic integration, the GDP, economic sector, competition, foreign investment. The Asian countries keep their economic development. The economic miracle known as “the leap of Asian tigers”, unfortunately, affected not all Asian countries. Though the economy of these countries is rapidly developing, according to the experts’ assessments, 16, 3 per cent of people still remain below poverty line. The Philippine economy is a combination of agriculture (24, 9%), light industry (29, 1%) and the sector of related services (51, 1%). ...
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This integration is usually done by signing some written agreements that briefly describe which areas need cooperation (EU Learning, n.d.). GCC, Gulf Corporation Council includes the six Gulf countries; Saudi Arabia, Bahrain, Kuwait, Qatar, the United Arab Emirates and Oman.
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.
As years pass on there is an increasing trend witnessed in regional economic integration. According to World Trade Organisation (WTO) report, more than 150 member countries are enlisted in one or the other trade agreements at regional level. Generally, the countries those who are geographically near were come closer to each other and establish economic linkages through preferential trade agreements and form regional integration.
The agreement of regional integration done on political base is mostly for the purpose of bringing two separate nations together. Likewise, economic agreement focuses on filling the gaps between two countries and bringing them close to each other to serve their economic purposes (Rathus, 2011).
The best example of regional integration in this regard is the european union, which has evolved into one of the most richest regions of the globe as a result of such cooperation. There are many such similar alliances in place, popular ones among them being organizations such as the NAFTA and the ASEAN.
The ASEAN vision 2020 was partly inspired by the existing initiatives like ASEAN Foreign Trade Area. The effectiveness of ASEAN Foreign Trade Area (AFTA) is not only reflected in the network of arrangements, but also
n in the region was the adoption of a common market, a major legislative programme that would eventually result to the elimination of non-tariff trade restrictions. The elimination of these barriers was targeted to create a lager integrated market for goods and services enabling
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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