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    regional economic integration

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    Discuss the distinguishing features of various forms of regional economic integration, including their benefits and costs. Give recent examples including both developing and more industrialized countires.

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    https://brainmass.com/economics/barriers-to-growth/regional-economic-integration-15957

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    Regional economic integration is agreements among countries in a geographic region to reduce, and ultimately remove, tariff and non-tariff barriers to the free flow of goods, services, and factors of production between each other.
    Different levels of economic integration:
    Free trade area: all barriers to the trade of goods and services among member are removed. Example of it is the European Free Trade Area: EFTA is all the 15 countries that formed the European Union, Norway, Iceland, Liechtenstein, and Switzerland. Benefit: remove tariffs, quotas and administrative impediments.
    Custom union: a custom union eliminates trade barriers between member countries and adopts a common external trade policy.
    Example: NAFTA, ANDEAN PACT (BETWEEN BOLIVIA, COLOMBIA, ECUADOR AND PERU). The Andean ...

    Solution Summary

    Characterize the key features of various forms of regional economic integration, including their benefits and costs.

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