Economic Union : A Type Of Trade Bloc

2033 Words9 Pages
Economic Union of countries Introduction Economic union is a type of trade bloc, which consists of a common market with the Customs Union. It involves both common policies on product regulation, free movement of goods, services and factors of production (capital and labour), and the policy of the joint participation of foreign trade. When it includes a common currency within an economic union, it becomes an economic and monetary union. The purpose for the establishment of an economic union usually includes increasing economic efficiency and establishes political and cultural relations between the member states. European Economic Union is one of the specialties that have been changing the world. Secondly, I will also mention in this…show more content…
Its general goal is to promote cooperation and integration in order to create economic and monetary union as a means of stimulating economic growth and development in West Africa. In order to achieve this goal, the group set up specialized institutions and agencies to serve as fuel to achieve its targets. Its committee includes community institutions group, Parliament Court of Justice and Community Bank for Investment and Development. Over past decades, Europe has become used to the progression, peace, and democracy. It has campaigned for an end to the division between East and West, also to improve the economic and social prosperity. It has worked to improve health levels, and for better protection of human rights to attain equality between men and women. Yet at present, opinion is divided as there are many advantages and disadvantages which are usually listed by different groups in different communities of the economic union. One of the advantages is the creation of trade. An economic union helps the economies of individual countries to achieve more. It brings peace and prosperity to the region as neighbouring countries have combined economies so they see other countries as more equal to themselves. It is true for the citizens of these countries as well as they get to right to work everywhere without any discrimination. Although one of its drawbacks is that it does create a counter balance to other regions of the
Open Document