What is the Concept of Regional Economic Integration?

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cRegional economic integration is a new and striking idea for the expansion of foreign trade among the developing countries. These countries seem to have been hypnotised by the success achieved by the European Economic Community (EEC) as a means of trade expansion in their area.

Particularly, in view of their national markets being rather narrow for the successful operation of modern industrialisation and implementation of technological innovations, it is conceived as a regional market to enhance modern industrial development and also to achieve economies of scale in the respective member-nations.

Broadly speaking, regional economic integration implies the creation of the most desirable structure of inter-regional economy through the formation of a customs union or of a free, trade within the region and deliberately introducing all desirable elements of coordination and unification.

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Generally, such an economic integration would have to pass through three distinct but inter-dependent stages of cooperation, co-ordination and finally, of full integration. In fact, economic integration may be identified with liberalisation of trade as well as factor movements. The harmonisation or coordination of economic policies as a whole would follow once a common market has been set up.

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