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Regional Economic Integration Chapter 8

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36 diapositives · 704 Views · Oct 13, 2014

Regional Economic Integration Chapter 8. Levels of Economic Integration. Level of Integration. Political Union. Economic Union. NAFTA. Common Market. Customs Union. Free Trade Area. Figure 8.1 in text. EU 1992. 8-1. Economic Case for Regional Integration.

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Regional Economic Integration Chapter 8
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  1. Regional Economic IntegrationChapter 8

  2. Levels of Economic Integration Level ofIntegration Political Union Economic Union NAFTA Common Market Customs Union Free Trade Area Figure 8.1 in text EU 1992 8-1

  3. Economic Case for Regional Integration • Stimulates economic growth in countries • Countries specialize in those goods and services efficiently produced. • Additional gains from free trade beyond international agreements such as GATT and WTO. 8-2

  4. Political Case for Economic Integration • Economic interdependence creates incentives for political cooperation and reduces potential for violent confrontation. • Together, the countries have the economic clout to enhance trade with other countries or trading blocs. 8-3

  5. Impediments to Regional Integration • Groups within countries may be hurt. • Potential loss of sovereignty and control over domestic issues. • Debate: • Integration is trade creation? • Integration is trade diversion? 8-4

  6. Political World Map 8-5

  7. Regional Economic Integration • Agreements among countries in a geographic region to reduce, and ultimately remove, tariff and nontariff barriers to the free flow of goods, services and factors of production among each other. 8-6

  8. Growth of Regional Arrangements 8-7

  9. 8-8

  10. Map 8.1 8-9

  11. European Union GDP 8-10

  12. European Union and the US(April, 1998) 8-11

  13. US Top European Trading Partners $ Billions 8-12

  14. EU and US Annual Real GDP Growth Rates % 8-13

  15. EU and US Unemployment % 8-14

  16. EU and US Inflation % 8-15

  17. EU Governance European Council European Commission 20 Commissioners appointed by members for 4 year terms Heads of State and Commission President Proposing, implementing, monitoring legislation. Resolves policy issues Sets policy direction. Council of Ministers 1 representative from each member Ultimate controlling authority. No EU laws w/o approval. European Parliament Court of Justice 630 directly elected members Propose amendments to legislation, veto power over budget and single-market legislation, appoint commissioners. 1 judge from each country Hears appeals of EU Laws. 8-16

  18. Map 8.2 8-17

  19. North American Free Trade Agreement • Became law: January 1,1994 • Over 15 year period: • tariffs reduced (99% of goods traded) • NTBs reduced • investment opportunities increased • Protects intellectual property • Applies national environmental standards • Special treatment for many industries 8-18

  20. NAFTA and Mexico Maquiladora Millions of Workers 8-19

  21. Employment in Foreign-Operated Factories in Mexico 8-20

  22. Canadian Workers Move South Thanks to NAFTA Thousands 8-21

  23. Andean PACT Map 8.2 8-22

  24. ANCOM: Andean Pact • Bolivia, Colombia, Ecuador, Peru, Venezuela • Cartagana Agreement, 1969. One of oldest still in existence • Population: 97 mm (14% of hemisphere) • GNP: $122.6 billion • Changed from FTA to customs union in 1992 8-23

  25. US Trade With The Andean Community $ Billions 8-24

  26. Mercosur Map 8.2 8-25

  27. The Mercosur Accord • 1988: Argentina, Brazil. 1990: Paraguay, Uruguay • 1995: Agreed to move toward a full customs union. • Population: 209 mm (27% of hemisphere) • GNP: $656.6 billion (8% of hemisphere) • Trade doubled in first 3 years 8-26

  28. US Trade With Mercosur $ Billions 8-27

  29. Other Hemisphere Associations • Central American Common Market • CARICOM • Free Trade Area of the Americas 8-28

  30. ASEAN 8-29

  31. Association of Southeast Asian Nations • Created in 1967 • 400 million citizens • Economic, political and social cooperation • Brunei, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. 8-30

  32. Association of Southeast Asian Nations 8-31

  33. Net Flows of Private Capital to Indonesia, Malaysia, Philippines, South Korea and Thailand Thru April 30. 8-32

  34. Asian Trade Flows Destination of Exports Source of Imports % 8-33

  35. Map 8.3 8-34

  36. Asia Pacific Economic Cooperation • Founded in 1989 to ‘promote open trade and practical economic cooperation’. ‘Promote a sense of community’. • 18 members • GDP: $13 trillion (1995) • 50% of total world income • 40% of global trade 8-35