New Dimensions In Regional Integration

This volume considers the implications of revived interest in regional integration for the world trading system.

Interest in regional integration has recently revived in both developed and developing countries. The US has responded to the lack of progress in the Uruguay Round of the GATT by pursuing bilateral trade negotiations, while developing countries have been prompted to re-evaluate the potential benefits of regional integration. The tendency for the world trading system to divide into three blocs - the European Community, the Americas and East Asia - is providing their members with guaranteed access to large markets; however, poor non-member countries will suffer from the loss of access and the risk of trade wars is increased. In this book leading international experts assess the renewed attractiveness of regional integration to individual countries, the types of integration that are suitable to various circumstances, the conditions necessary to their success, and the relationship of regionalism to multilateral free trade.

Essay from the year 2019 in the subject Economics - Foreign Trade Theory, Trade Policy, University of KwaZulu-Natal, language: English, abstract: The BRICS (Brazil, Russia, India, China, South Africa) are a fine example of explaining the new dimension of economic regionalism where BRICS’ intra-regional trade relations become the binding factor towards its economic integration and independence. The existing literature is focused on the economic integration of the five emerging countries, for example the economic integration theory (EIT) assumes that increasing globalization and technological progress leads to freer trade and movement of economic factors as well as to deeper integration over time. It shows that physical border is no longer a criterion for economic interdependence and integration within a group while the concerns and common interests form important factors for a new dimension of economic regionalism. The concept of economic regionalism is defined as an empirically observable process of increasing cross-border activities, cooperation and coordination within a group of countries through integration. Originally, the concept of economic regionalism has been based on economic cooperation between natural partners (neighbouring countries or countries on the same continent). But since technological progress reduced transaction costs, intercontinental and global economic integration has become important in recent decades. Geographical distance may stay important for trade flows, but intercontinental relations of emerging countries record a steady rise in trade relations. In general, regionalism could be defined as preferential cooperation among nations that are relocated in terms of geographical proximity, with certain common characteristics such as historical, cultural, political and so forth. The objective of cooperation might be economic, political, or cultural in nature. In this context, the economic regionalism is considered more autonomous, outward-oriented, comprehensive and multi-dimensional process which includes trade and economic integration, environment and social policy issues relating to security and democracy, where the nation-states and other actors play an important role.

This text examines regionalism from the perspective of developing countries. It presents a comprehensive account of existing theory and empirical results and incorporates the findings of formal analyses ofthe politics and dynamics of regionalism.

This volume features up-to-date studies of regional integration efforts in all major parts of the world, especially North America, South America, and East Asia. Comparisons are drawn between these efforts and those made in the EU, where integration has progressed much further. The book asks: what explains the variation in achievements? What kind of agreements and institutions are needed to produce regional integration? Is 'pooling and delegation' of sovereignty necessary to overcome 'collective action problems'? How important is regional leadership? This work is a major new contribution to the literature on regional integration, and will appeal to theorists, policymakers, students and other readers concerned about world developments. It will also be of value to courses covering international political economy, international relations and regional integration, at both undergraduate and graduate level.

This book examines the past, present and prospects of regional economic integration in Africa. The empirical analysis ranges from unions formed during the years following independence, to the proposed African Continental Free Trade Area (AfCFTA), which aims to remove trade barriers between all 55 African states. In addition, the book explores to what extent Africa’s Regional Economic Communities (RECs) have advanced in accordance with a linear integration model of goods, labor and capital markets. The book subsequently evaluates the suitability of the European model of deep integration with costly institutions for the conditions specific to Africa, considering, for example, the role of informal and non-recorded trade. Stylized cases of regional division of labour with increasing returns and imperfect competition are introduced to support the economic integration logic. Past and current economic policies in Africa are scrutinized to answer the question: how can African regions best foster new manufacturing industries and value chains across the continent? In conclusion, the book outlines content and processes of Common Industrial Policy in the African regions. The book also addresses the controversial issue of international trade agreements between developing countries and the European Union or the USA and investigates whether these agreements impede or promote economic development in Africa. The book includes a detailed roadmap describing how to improve key clauses of agreements for economic partnership in the interest of African countries. In closing, it outlines a new vision of joint sustainable development for Africa and Europe.

This volume features up-to-date studies of regional integration efforts in all major parts of the world, especially North America, South America, and East Asia. Comparisons are drawn between these efforts and those made in the EU, where integration has progressed much further. The book asks: what explains the variation in achievements? What kind of agreements and institutions are needed to produce regional integration? Is 'pooling and delegation' of sovereignty necessary to overcome 'collective action problems'? How important is regional leadership? This work is a major new contribution to the literature on regional integration, and will appeal to theorists, policymakers, students and other readers concerned about world developments. It will also be of value to courses covering international political economy, international relations and regional integration, at both undergraduate and graduate level.