FACTORS THAT HINDER REGIONAL INTEGRATION
- Reduction in unemployment and underemployment.
- Better response to economic implications of globalisation and trade liberalisation.
- Improvement in the quality of life.
- Reduction in the inequality of wealth distribution.
- Free movement of goods, labour and capital.
- Increased market size.
What are the problems of economic integration?
But in terms of trade-led growth and the potential for greater regional economic integration, four challenges appear most pressing. These are (a) port and customs quality, (b) barriers to trade and investment, (c) development gaps, and (d) nascent regional economic governance.
What is economic integration in the Caribbean?
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. Regional Integration in the Caribbean is mainly through the Caribbean Community, or CARICOM.
What was the first stage of integration in the Caribbean?
In 1965, three Caribbean nations Antigua, Barbados and Guyana initiated the Caribbean trade integration process by signing the Treaty of Dicksenson Bay, which established the Caribbean Free Trade Association (CARIFTA).
What are the factors that hinder economic integration?
1. Homogeneity of the goods produced among the member states can hinder trade. If countries produce the same goods there is no need to trade amongst each other. This situation is seen among East African countries which produce almost the same agricultural products such as maize, sugar etc. this undermines trade among them. 2.
What are the barriers to economic integration in Africa?
In trading blocks especially Africa, the member countries sell unprocessed primary goods. This limits trade because there are limited manufactured goods in the market. 11. There is interference from developed countries that are not in the trading block. They impose conditions that limit trade among the member states.
When did the Eastern Caribbean countries join CARICOM?
In 1973, the smaller, largely English-speaking countries of the Eastern Caribbean launched the Caribbean Comm unity and Common Market (CARICOM), an integration plan intended to coordinate and enhance their collective economic and social development.
What are the main factors that hinder development in developing countries?
In many developing countries individuals lack key skill and knowledge required for economic development. Lack of adequate skilled human resource lead to low productivity and factor immobility. This implies that there is low knowledge on alternative production methods, natural resources and opportunities.
