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The Pros and Cons of Regional Integration

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Discuss the pros and cons of being regionally integrated and a member of a trading bloc, like NAFTA or the EU.

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Solution Summary

The expert discusses the pros and cons of joining trading blocs/regional integration. The solution is 416 words with 3 non-APA references.

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Trading blocs such as the EU and NAFTA are composed of countries that agree to trade freely among each other with the understanding that each of them can also trade with other countries that are not member of the bloc. There are many advantages in regional integration but there are also disadvantages to it. Hence, a country must first learn about the pros and cons of being a trading bloc member before it decides to join the group.
Pros of being a member of a trading bloc:
1. Open access to a larger export market.
2. Competition promotes greater efficiency and productivity in member countries which benefits the ...

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