Impacts Of The Regional Trading Blocs

Decent Essays
Since the World War II, the creation of regional economic blocs has become an essential political remedy that gathers countries and nations rather than divide. Essentially, the creation of the economic regional blocs aims to minimize the obstacles between nations that share the same geographic border and to facilitate the circulations of goods and services. In fact, the regional trading blocs differ in terms of political structure and economic objectives, but the rapidity of trading goods and services within the different regions around the globe wouldn 't be possible without establishing unified political and economic units. For example, the European Union (EU) as other regional blocs gathers different countries that share the same geographical borders and differ in cultures, languages, and political systems. Actually, the differences and similarities between the various political structures and economic objectives are due to numerous factors such as history, culture, and the level of imports and exports to each country. However, the impacts of the regional trading blocs have some disadvantages that have negative impacts on the local economies of the regional blocs and on the global economy as well.

2. Regional economic integration
a) What is regional economic integration?
Regional integration is the combination of political and economic regulations and agreements between two or more nation-states. In fact, the main objective of regional integration is to collaborate and
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