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03 Extent of Regional Integration Among Countries.

The document describes different levels of regional economic integration among countries: 1. Free Trade Area - Countries eliminate restrictions on trade between members but maintain individual commercial policies with non-members. 2. Customs Union - Builds on a free trade area by adopting a common external commercial policy in addition to free trade. 3. Common Market - Goes beyond a customs union by allowing free movement of capital and labor within the market. 4. Economic Union - Takes integration further by harmonizing some economic policies like monetary and fiscal policies. 5. Full Economic Integration - Represents complete integration through a single market with unified social and economic policies governed by a supranational authority.

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46 views2 pages

03 Extent of Regional Integration Among Countries.

The document describes different levels of regional economic integration among countries: 1. Free Trade Area - Countries eliminate restrictions on trade between members but maintain individual commercial policies with non-members. 2. Customs Union - Builds on a free trade area by adopting a common external commercial policy in addition to free trade. 3. Common Market - Goes beyond a customs union by allowing free movement of capital and labor within the market. 4. Economic Union - Takes integration further by harmonizing some economic policies like monetary and fiscal policies. 5. Full Economic Integration - Represents complete integration through a single market with unified social and economic policies governed by a supranational authority.

Uploaded by

kohli430
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Characteristics of Regional Integration among Coun

Free Trade Area

Free Trade among


members

Customs Union

Free Trade among


members

Common external
commercial policy

Common Market

Free Trade among


members

Common external
commercial policy

Free factor mobility


within the market

Economic Union

Free Trade among


members

Common external
commercial policy

Free factor mobility


within the market

Economic
Integration

Free Trade among


members

Common external
commercial policy

Free factor mobility


within the market

1. Free Trade Area : A free trade area is a grouping of countries to bring about free trade between th
restrictions on trade among the members but each member is left free to determine its own commerc

2. Custms Union : A customs union is a more advanced level of economic integration than the free
restrictions on trade among members but also adopts a uniform commercial policy against non-mem

3. Common Market : The common market is a step ahead of the customs union. A common market
capital within common market, besides having the two characteristics of the common union and free

4. Economic Union : A still more advanced level of integration is a economic union. Apart from satis
market, the economic union achieves some degree of harmonisation of national economic policies, t
monetary and fiscal policy etc. Example is EU.

5. Economic Integration : The ultimate form is full economic integration charecterised by the compl
bloc movement of goods and factors, unification of social as well as economic policies and all the me
supernational authority consisting of executive, judicial and legislative branches.

tion among Countries

Harmonised
Economic policies
Harmonised
Economic policies

Supernational
organisational structure

free trade between them. The free trade area abolishes all
mine its own commercial policy with non-members.

gration than the free trade area. It not only eliminates all
cy against non-members.

n. A common market allows free movement of labour and


mmon union and free trade area.

nion. Apart from satisfying the conditions of the common


economic policies, through a common central bank, unified

terised by the completion of the removal of all barriers to intraolicies and all the members bound by decisions of a

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