Question

Illustrate both the economic and political benefits and cost associated with regional economic integration.

Answer 1

Regional economic integration is a process when many different countries integrate or coordinate their trades, policies and many other factors.This is mainly done to improve the trade as well as the infrastructure. The main advantage or benefits of economic integration mainly comes under three categories and they are trade benefits, employment and political cooperation. Because of strong and powerful economic ties the political cooperation between different counties are improving a lot.Inorder to reduce tariff and non tariff barriers agreements are made between the countries and also for improving the flow of goods and services. The political benefits of integration are they will help to reduce the conflicts, wars,violence with other countries and which will also make one country dependent to other country to a great extend.This is done by generating various links or relationship between the countries.It is very tough to maintain integration because it is costly.for example when a country make free trade agreement with others then some countries may gain and some will lose.it also lead to loss in national sovereignty.