The paper “ Regional Economic Integration” is a meaningful example of a business assignment. The process of regional economic integration has led to the development of geographical concentrations of firms and people. It is a process that encompasses all the facets (political, economic, or even cultural) of the states that are within the region. Apart from established and countries in the developed world, most regional cooperation is still at its infancy stage. Agreements are formulated between countries for various purposes of trade and other social interactions. Factors that act as barriers to trade between the member states are abolished and a free trade agreement is reached amongst them (Fratianni 206).
Benefits that the member states may accrue include receiving foreign aid from other member countries. Regional integration does not only benefit the member countries but also benefits other countries. With the world becoming one small village it is becoming more and more transparent that when one country benefits, there are others who also benefit. An example of this is when the economy of one country flourishes, it tends to import more from another and hence leading to the growth of GDP in both countries.
Some of these cooperations have been at this stage due to the numerous challenges that continue to plague them. The phenomenon of integration of economic markets has been forced and brought about by competition of the once isolated markets. All regional International bodies seek to bring about the strengthening of integration of trade within the region. The body should facilitate an environment whereby the private sector is developed (Fratianni 206). Propagation of Infrastructure and other related programs are part of the responsibility of any integration body as this leads to sector-wide development.
It is also the responsibility of the body to ensure that peace and harmony within member states are upheld. The emergence and rise of newer forms of competition have culminated in Governments that were once enemies uniting as policymakers grapple with challenges that may hinder the successful operations of economic markets. This has necessitated trade reforms and coming up with an open door policy by all countries that are included in the union.
Fratianni, Michele. Regional Economic Integration. San Diego: Emerald Group Publishing, 2006.
King, Lawrence. The basic features of postcommunist capitalism in Eastern Europe: firms in Hungary, the Czech Republic, and Slovakia. New York: Greenwood Publishing Group, 2001.
Pinder, John. The European Union: a very short introduction. London: Oxford University Press, 2008.