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Regional Economic Integration Essay

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Regional Economic Integration, Trade Creation and Trade Diversion

1. Regional economic integration is a renewal or such an inovation which characterized by the removal of barriers between two or more state actors. The barriers here include restrictions that caused the mobility of goods, services, production factors and potentially communication flow relatively low (Pelkman, 2003). If we talk about regional economic integration in ASEAN is an important way to reach the ASEAN goals itself to compete and has an active role towards global economic. I assumed that we need to appreciate the effort and commitment of the ASEAN leaders to integrate its region. But they need to consider again the problems like internal conflict that often happened in some ASEAN countries, then the economic range between one and other country, and the connectivity or access between states that could hamper the process of integration itself.
Like what happened in Europe …show more content…

A) As shown in the diagram above, it is kind of forms or levels of regional economic integration. Basically there are 5 different forms including Free Trade, Custom Union, Common Market, Economic Union and Political Union. And on this occasion I will explain in more detail three of the five forms of regional economic integration, so there we go:
1. Free Trade Agreement
FTA is a form of trading systems in which a plan group of countries that have agreed to eliminate tariffs, quotas preference will be whole / partial goods and services traded among member countries. FTA has the characteristics and objectives that are very similar to the shape of the Custom Union, but in its application, both are forms of economic integration are different. The establishment of a regular FTA is triggered by a relationship of mutual-complementary in the economy of these countries. That is a condition where the goods and services produced by a country A is to complete the production of country B and vice versa be like a symbiotic

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