Economic integration is the unification of economic policies between different states through the partial or full abolition of tariff and non-tariff restrictions on trade taking place among them prior to their integration. This is meant in turn to lead to lower prices for distributors and consumers with the goal of increasing the level of welfare, while leading to and increase of economic productivity of the states.
The trade stimulation effects intended by means of economic integration are part of the contemporary economic Theory of the Second Best: where, in theory, the best option is free trade, with free competition and no trade barriers whatsoever. Free trade is treated as an idealistic option, and although realized within certain developed states, economic integration has been thought of as the "second best" option for global trade where barriers to full free trade exist.
Etymology
In economics the word integration was first employed in industrial organisation to refer to combinations of business firms through economic agreements, cartels, concerns, trusts, and mergers—horizontal integration referring to combinations of competitors, vertical integration to combinations of suppliers with customers. In the current sense of combining separate economies into larger economic regions, the use of the word integration can be traced to the 1930s and 1940s.Fritz Machlup credits Eli Heckscher, Herbert Gaedicke and Gert von Eyern as the first users of the term economic integration in its current sense. According to Machlup, such usage first appears in the 1935 English translation of Hecksher's 1931 book Merkantilismen (Mercantilism in English), and independently in Gaedicke's and von Eyern's 1933 two-volume study Die produktionswirtschaftliche Integration Europas: Eine Untersuchung über die Aussenhandelsverflechtung der europäischen Länder.
Discussions also emphasised the importance of creating an environment conducive to economic cooperation and strategic integration between Oman and Saudi Arabia.
The Ministerial Council emphasised the importance of respecting the sovereignty, independence and territorial integrity of the sisterly Syrian Arab Republic and rejected foreign interventions in its internal affairs.
From Wasteland to Economic Centers ... The same as a national-level economic and technological development zone, Keqiao Economic and Technological DevelopmentZone focuses on the integrated development of industries and talent.
The Eurasian Economic Union (EAEU) is a ... Its primary objective is to foster economic integration and cooperation among its member states, which are Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
On Lebanon, the ministerial council highlighted the GCC’s firm stance on supporting Lebanon’s sovereignty, security, stability, and territorial integrity.
The Committee on Foreign Investment in the United States (CFIUS) was established to safeguard America’s economic and national security interests by scrutinizing foreign investments for potential threats.
The mutual recognition agreement (MRA) on Authorised Economic ... This is a significant advantage, fostering economic development and international integration and elevating Việt Nam Customs’ stature.
The mutual recognition agreement (MRA) on Authorised Economic ... This is a significant advantage, fostering economic development and international integration and elevating Việt Nam Customs’ stature.
His tenure is often credited for initiating major economic reforms in 1991 when he was the finance minister, which helped modernise India's economy and integrate it into the global market.
Dubai — The UAE stands at the forefront of integrating artificial intelligence (AI) into its socio-economic framework, indicating a transformative phase in its developmental strategy ... economic growth.
A strong commitment to sustainability and environmental stewardship, integration of technology, focus on rural economic development and entrepreneurship, interdisciplinary approaches to rural ...
A uniquely dignified and gentle man in the rough world of politics,' she said.The leader of the opposition in Lok SabhaRahul Gandhi also paid tributes to the architect of India's economic reforms.
Hailed as the architect of India’s key economic reforms, Dr Singh was being treated for age-related medical conditions ... "Manmohan Singh Ji led India with immense wisdom and integrity.
National security refers to a nation’s ability to preserve its physical integrity and territory; to maintain its economic relations with its neighbours and trading partners on reasonable terms; to ...
