Political Economy Economic Systems Questions
Economic integration refers to the process of combining economic policies and systems of multiple countries or regions to create a more unified and interconnected economic structure. It involves the removal of trade barriers, such as tariffs and quotas, and the establishment of common rules and regulations to facilitate the flow of goods, services, and capital between participating countries. Economic integration can take various forms, ranging from preferential trade agreements and free trade areas to customs unions and economic unions. The main objective of economic integration is to promote economic cooperation, increase market access, enhance competitiveness, and foster economic growth and development among participating countries.