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Globalization - Regional Integration

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Choose a trading bloc EURO CURRENCY in the EU, write two 600-word articles, one article in favor of regional integration and another article against regional integration. Describe the advantages and disadvantages of regional integration and relate the stage of economic development of the economically integrated region to potential business opportunities.

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The response addresses the queries posted in 1459 words with references.

// In the present, the 'Regional Integration' is broadly adopted activity by the State. So, it becomes very much necessary to know something about the mentioned concept. So, here we will discuss Regional Integration.//

Article I

In the favor of Regional Integration

As we know, a single nation cannot develop itself. It has to take the help of other nations because a state cannot develop everything in its realm. So, Regional Integration Agreement is the most important relationship among the nations. Regional Integration is a method by which states come together in an agreement to enhance the cooperation for the regional development. The states make institutions and rules for cooperation and development. The main objective of the Regional Integration is to enhance cooperation in the economic as well as the political field among the states. There have been many efforts made for the purpose of Regional Integration. The main focuses of the concept are free trade; remove the barriers which create hurdles for moving the goods, labor and capital. The Association of Southeast Asian Nations and North American Free Trades Agreement are the some efforts regarding the Regional Integration. These institutions always promote the trades among the nations through low barriers and try to remove the useless conditions, which are imposed by the states and the nations. Most of the developed as well as developing countries are a part of the 'Regional Integration Agreement' because every land wants to reap the advantage of the Regional Integration Agreement (Regional Integration Agreements).

The European Union trading block is the most famous and prominent union due to its realized worth all over the world. The sixteen members of the 'European Union' share a common currency which is called 'Euro'. These members make the Euro area. The 'Euro' was introduced in 1999, which was a great step for the 'European Integration'. The 329 million citizens use this common currency and get the advantage of the Euro. The management of Euro is the responsibility of the Central Bank of Europe. The fiscal policy is the matter of the individual nations (Economic and Financial Affairs).

// The Regional Integration has become a common pact between the nations. There are many advantages of the Regional Agreement. Now, ...

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  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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