Globalization – Role of Supranational Bodies
- Types of regional economic integration
- EU, NAFTA, ASEAN & APEC
- Role of supranational bodies in economic development
- Impact on national and regional economies
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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