IB 201 Lecture Notes - Lecture 13: Regional Integration, Economic Integration, International Business

• School: Quinnipiac University
• Department: International Business
• Course: IB 201
• Professor: Xiaohing He

Document Summary

Regional economic integration (regionalism: process whereby countries in a geographic region cooperate to reduce or eliminate barriers to the international flow of products, people or capital, free trade area. Economic integration whereby countries seek to remove all barriers to trade among themselves but where each country determines its own barriers against nonmembers. Lowest extent of national integration that is possible between tow or more countries. Strive to remove tariffs and non-tariffs barriers like quotas and subsidies on all international trade: custom union. Economic integration whereby countries remove all barriers to trade among themselves and set a common trade policy against nonmembers. The members of a customs union agree to treat all trade members nations in a similar manor (unlike free trade: common market. Economic integration whereby countries remove all barriers to trade and to the movement of labor and capital among themselves and set a common trade policy against nonmembers.