What are the 5 stages of regional economic integration?

What are the 5 stages of regional economic integration?

Balassa’s five stages of economic integration (Balassa (1961)) constituted a free trade area, customs union, common market, economic union and total economic integration.

What is GCC agreement?

The Gulf Cooperation Council (GCC) was established by an agreement concluded on 25 May 1981 in Riyadh, Saudi Arabia among Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE in view of their special relations, geographic proximity, similar political systems based on Islamic beliefs, joint destiny and common objectives.

What are the different arrangements of regional economic integration?

Specialists in this area define seven stages of economic integration: a preferential trading area, a free trade area, a customs union, a common market, an economic union, an economic and monetary union, and complete economic integration.

What are the 3 types of regional economic integration?

There are four main types of regional economic integration.

• Free trade area. This is the most basic form of economic cooperation.
• Customs union. This type provides for economic cooperation as in a free-trade zone.
• Common market.
• Economic union.

What are the six stages of economic integration?

Stages of Economic Integration

• Preferential Trading Area.
• Free Trade Area.
• Customs Union.
• Common Market.
• Economic Union.
• Economic and Monetary Union.
• Economic Integration.

What is the process of regional integration?

Regional integration is the process by which two or more nation-states agree to co-operate and work closely together to achieve peace, stability and wealth. This means that the integrating states would actually become a new country — in other words, total integration.

How does the GCC work?

The GCC was established in Riyadh, Saudi Arabia, in May 1981. The purpose of the GCC is to achieve unity among its members based on their common objectives and their similar political and cultural identities, which are rooted in Arab and Islamic cultures. Presidency of the council rotates annually.

What is regional integration according to different scholars?

Some scholars see regional integration simply as the process by which states within a particular region increase their level interaction with regard to economic, security, political, or social and cultural issues. In short, regional integration is the joining of individual states within a region into a larger whole.

What are the 3 regional trade organizations?

Types of Regional Trading Agreements

• Preferential Trade Areas. The preferential trading agreement requires the lowest level of commitment to reducing trade barriers.
• Customs Union.
• Economic Union.

What is regional economic integration Slideshare?

INTRODUCTION •Regional Economic Integration refers to agreement between groups of countries in 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 countries.