Regional Economic Integration

Topics: International trade, Economics, Free trade Pages: 18 (3225 words) Published: January 14, 2015

ASSIGNMENT ON REGIONAL ECONOMIC INTEGRATION
This assignment paper is a “summary report” of an article named “Regional Economic Integration in a Global Framework” on G-20 WORKSHOP held in Beijing, China, on 22-23 September, 2004.

Course Title: Regional Economic Integration
Course Code: IB-512

Prepared By-
Md. Hedayetul Islam
MBA (Regular)
Batch no: 7th
ID- 34
Department of International Business
University of Dhaka

Submitted To-
Md. Rashedur Rahman
Assistant Professor,
Department of International Business
University of Dhaka

Date of Submission: January 1, 2015

Contents
Introduction1
Background of the Article:2
Summary of Proceedings:3
Trends:3
Process of integration:3
Factor of progress:3
Currency exchange:4
Recent strengths of the institutions:4
Framework:4
Multilateral arrangements:5
Conclusion:5
Assignment Part 2: Summary of Key Papers6
Summary of Key paper-3: Regional economic integration and institution building7 Preamble:7
Five types of integration are discussed in these sections-7 Market integration:7
Political integration:8
Regional, Monetary and Financial integration:9
Conclusion:10
Key Paper 4: Stepping stones or building blocks; Regional and multilateral integration11 Introduction:11
Logic and fears:11
Regional liberalization:11
Regionalism shifts power:11
History: Fascism, autarky and regionalism:11
Dynamic view:11
Reasons of failure of FTAS:12
Effect applied to blocs:12
Anti-liberalization:12
Conclusion:13
References:14

Assignment Part 1: Summary of Proceedings

Introduction
Regional integration is a process in which neighboring states enter into an agreement in order to upgrade cooperation through common institutions and rules. The objectives of the agreement could range from economic to political to environmental, although it has typically taken the form of a political economy initiative where commercial interests are the focus for achieving broader socio-political and security objectives, as defined by national governments. Regional integration has been organized either via supranational institutional structures or through intergovernmental decision-making, or a combination of both. Regional integration has been defined as the process through which national states "voluntarily mingle, merge and mix with their neighbors so as to lose the factual attributes of sovereignty while acquiring new techniques for resolving conflicts among themselves. Some scholars see regional integration simply as the process by which states within a particular region increase their level of interaction with regard to economic, security, political, or social and cultural issues.

Background of the Article:
In order to discuss developments in regional integration and the diversity of experiences around the globe, a G-20 workshop, organized jointly by the People’s Bank of China and the European Central Bank, was held in Beijing in September 2004. The G-20 was an ideal forum for this topic, since it comprises a wide variety of member economies in terms of integration into a regional bloc and level of development. The workshop brought together experts from a wide range of institutions from member countries, including academia, finance ministries, and central banks. The views expressed by participants, the main ideas emerging from the workshop and the key papers that were delivered by leading academics are presented in this volume.

Summary of Proceedings:

Trends:
The trend towards regional integration has been supported in many areas by regional. Policy, initiatives and particularly in the field of trade. The result is a proliferation of regional agreements that vary widely in breadth and depth. The workshop brought together experts from a wide range of institutions from member countries, including academia, finance ministries, and central banks. The...

References: 1. Baldwin, Richard E. and A. Enables (1995), “Regional Economic Integration”, in Handbook of International Economics: Volume III, G. Grossman and K. Roof (eds.), North-Holland, Amsterdam
2. Bergsten, F. (1996), “Competitive liberalization and global free trade: A vision for teary 21st century”, (Washington DC: Institute for International Economics).
3. Bergsten, F. (1996), “Competitive liberalization and global free trade: A vision for the early 21st century”, (Washington DC: Institute for International Economics).
4. Blamestorm, M. and A. Kokako (1997), “Regional integration and foreign direct investment”, CEPR DP 1659 (London)
5. Cooper, C. and D. Mussel (1965), “Towards a general theory of customs unions in developing countries”, Journal of Political Economy
6. Galal, A. and B. Hoekman (1997), Regional partners in global markets: Limts and possibilities in the Euro-Med agreements, CEPR (London)
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