Question

Other than looking only at the Indo-Pacific region, what are some examples of economic integration and cooperation at work?

Answer 1

Answer- Economic integration is an agreement entered into by two or more countries for free flow of goods and services withing the boundaries of the participating nations. It helps remove all the trade, tariff and non tariff barriers. An example of economic integration is ECONOMIC UNION- It is a kind of trade bloc that countries create by wntering into an agreement and thus share the common market place and also form specific rules and regulations for the union. If the countries also wwant to have a common currency then it will be called economic and monitary union as well. Another example can be of CUSTOMS UNION where tha participating economies enter into an agreement to charge common or same duties on imports for free flow of goods and services. Another example could be multilateral trade agreement between the countries such as NAFTA, EU etc.

Cooperation refers to team work between the people or participating entities to achieve the common goal. Cooperation at work place is very important as it leads to fulfilling of the organisational goals. An example could be members of the same department like finance interact with each other on a daily basis and help each other in performing the activities like making budgets, reports, financial statements etc. Each person gives the information that he or she has obtained and helps in the performance of other person’s work.