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Chapter 6

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Administrative Studies
ADMS 1000
Eytan Lasry

Chapter 6: The Global Context Textbook page 128-138 Facilitating Global Business: Regional Economic Integration -REI:An economic arrangement between different regions marked by the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies. The aim of economic integration is to reduce costs for both consumers and producers, as well as to increase trade between the countries taking part in the agreement. Regional Integration can happen at different levels of intensity. 1. Free Trade Area: involves removal of tariffs and non-tariff trade barriers on goods and services traded internationally among member countries. Lowest form of regional economic integration. 2. Customs Union: Involves the removal of trade barriers on goods and services traded internationally among member countries. Greater degree of regional economic integration. 3. Common Market: includes the removal of trade barriers and implementation of a common trade policy. Builds on the previous two forms. 4. Economic Union: Builds on the previous three forms. In addition to the previous three
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