Regional Economic Integration and the European Union

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3 word format

document in English

european union

presentation

published 03/05/2008

review : Completed

level : Advanced

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Summary

Regional Economic Integration is the act of cooperating countries entering into agreements with each other to remove all barriers to importing goods into their respective countries. One of the biggest walls to exporting to foreign markets has been tariffs and taxes levied against foreign nations who try to sell their products or services in other countries. Over the past 50 years, there has been a drastic increase in the number of countries that are trying to enter into these types of agreements. In other words, there has been a large movement towards Regional Economic Integration. There are two main arguments that support this integration. The first are economic considerations. Integration will allow countries to specialize in products or services that they are best suited to produce and sell them on a worldwide market without fear of huge barriers to entry into certain markets. This would actually lead to increased production around the world because countries will specialize in what they are good at and not worry about having to produce other things which would take them much longer or were not practical for them to produce at all. These countries know that they will be able to depend on other countries to produce the goods or services they need in exchange for their own specialized products and services. This increased production and specialization should also decrease the prices of things on a worldwide scale because countries will only produce what they are truly good at producing and will not waste time (as well as money) on producing inefficiently.

Key Words- The Single European Act, Obstacles to Integration and United front