Globalization – Role of Supranational Bodies

Supranational Bodies

  1. Regionalism
  2. Types of regional economic integration


Learning Outcomes

  1. Role of supranational bodies in economic development
  2. 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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