Globalization – Role of Supranational Bodies

Supranational Bodies

  1. Regionalism
  2. Types of regional economic integration
  3. EU, NAFTA, ASEAN & APEC

 

Learning Outcomes

  1. Role of supranational bodies in economic development
  2. Impact on national and regional economies

 

  1. REGIONALISM

The tendency for states to collaborate at a regional level to achieve specific economic & welfare goals:

  • Regional trade agreements
  • Bilateral free-trade agreements o Trade blocs

 

  • Regionalism dominant feature of the contemporary global economy (regionalization versus globalization)
  • The fundamental basis of regional economic blocs: preferential trading arrangements (PTAs)

 

  • Take advantage of size in trade: large market for producers and protection from outside competition
  • Liberalize commerce amongst members (through tariff reductions
  •  But discriminates against non-members
  • Regional economic blocs have considerable influence on world trade

 

Effects of Regional Blocs

  • Trade diversion: trading with partner in bloc instead of outside, diverts investment towards other locations
  • Trade creation: replaces home production, increase imports/exports
  • A disproportionate share of global production, trade & investment to be concentrated in the global triad (North America, Europe & East Asia)

 

Integration within Global Triad

 

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