Essay on Regional Integration in the Asia-Pacific Region

The Asia-Pacific Economic Cooperation is an organization that was established in the year 1989. The cooperation creates tangible effects and benefits for the people within the Asia-Pacific region through their projects. There are currently 21 members (can also be referred to as “economies”) in the organization. In a year, it is estimated that the APEC members propose about 100 projects. These projects usually focus in sharing knowledge and skills to other people. For example, promoting and accelerating regional economic integration. Regional integration is a procedure which

The Buying and selling, importing and exporting of goods and services, between two or more countries that have no limits or quotas or barriers or unbalanced tariffs is the dictionary definition for a free trade agreement (FTA). There are both advantages and disadvantages attached to FTA’s which is shown in figure 8.0.

Integration and agreements made will reduce tariffs barriers that are associated with trades of goods, services and the factors of produced goods between countries (Hill, 2004). As this paper will demonstrate a proper analysis of how integration will promote global advantages in business, and will deliberate the disadvantages and advantages of integration. Therefore touching basis of contrast and comparing the development of economic stages within a region and the effect on the process of development of business globally.

Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim economies. APEC members are described as ‘economies’ because the APEC cooperative process is predominantly concerned with trade and economic issues, with members engaging with one another as economic entities. APEC promotes free trade throughout the Asia-Pacific region. It was established in 1989 in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world; to fears that highly industrialised Japan (a member of G8) would come to dominate economic activity in the Asia-Pacific region; and to establish new markets for agricultural products and raw materials beyond Europe.(Andrew Elek)

Regional integration and free trade areas arrangements are plagued with many pitfalls and challenges (ref….). The focus of this research will, therefore, be narrow, only seeking an answer(s) to the challenge posed by the acceptance of conformity assessment data. The research will not delft into the components of conformity assessment but will deal with the principle of the acceptance of the conformity assessment results.

The EU and the trade agreements entered into by member countries are examples of economic integration and cooperation. The benefits of joining an economic or trading bloc and reducing trade barriers can be plenty and they encourage countries to join them, and can be gained by all of the countries who are part in the economic integration agreement.

For decades, there has been many trade barriers to import and export goods from one country to another. The North American Free Trade Agreement (NAFTA) was established to diminish tariff barriers and to remove investment restrictions. NAFTA has broadened the agreement of countries being able to import and export goods and to provide better servicing. Over the period of time, the use of tariffs and any trade barriers have been reduced as the economy has become more integrated. This integration has generated less power for the government to control trade due to the benefit of economic growth. The goal of economic integration is to increase the volume of trade between countries and reduce the

The world economy today is characterized by a lot of different processes constantly changing its essence. Thus, the topicality of this paper is based on an increasing number of countries recognizing their interdependence and therefore the relevance of the integration associations without which it is difficult to imagine the relationship between any of the countries. Economic integration at the international level implies a cooperation of economies tend to pursue mutual assistance and development, mainly in the area of trade.

Trade Diversion: Because of trade barriers, trade is diverted from a non-member country to a member country despite the inefficiency in cost. For example, a country has to stop trading with a low cost manufacture in a non-member country and trade with a manufacturer in a member country which has a higher cost.

Regional economic integration represents agreements between countries in a geographic region to reduce tariff and non-tariff barriers to the free flow of goods, services and factors of production between each other. Neighboring countries tend to ally because of their proximity to one another, somewhat similar regional tastes, the relative ease of establishing channels of distribution and a willingness to cooperate with one another for the greater benefit of all allied parties. Theoretically, the concept of regional economic

Preferential trade areas (PTAs) have the lowest level of commitment to the reduction of trade barriers within a geographical region and eliminate tariff barriers only on selected goods imported from other members of the area. Here the members lower the trade barriers but do not eliminate the barriers among themselves. This agreement does not address how individual members will deal with the non-members. PTAs is a

Since the mid-20th century, countries have progressively reduced barriers, subsidies to domestic industries and diverse restrictions on international commerce in order to promote specialization and greater efficiency in production. In theory, free trade allows nations to focus on their main comparative advantages and profit from cooperation and voluntary trade. This strategy is usually reinforced by treaties between two or more countries where commerce of goods and services can be handled across their common borders, without tariffs and other trade obstacles. As a key component of regional integration in the Americas, CAFTA-DR is one important example of this economic ideology.

Over the course of time, there have been incorporations of multiple agreements all around the world between developing, industrialized countries and third world countries. These agreements are often depicted as a form of advancement and growth for all the parties that are involved. However, this is not always the case, as it is often common that one(some) of the parties becomes affected in a negative manner. While the other party(ies) finds ways to take advantage of the situation and profit from it. One clear example of this is the North American Free Trade Agreement which was implemented between Canada, Mexico and the United States, with the purpose of removing barriers to exchange goods and services to improve the economy. Though, the outcomes of this trade agreement have generally been the opposite of what its primary goal was. As well as the countries mentioned previously, Africa is stumbling upon a similar situation with the European Union. The EU, would like to implement the Economic Partnership Agreement in African countries. Although, the propositions offered by the EU in regards of the (EPA) seem to be valuable for Africa’s progression, it is more likely that the Economic Partnership Agreement will cause negative effects towards Africa’s economic, political and social position.

What really is Regional Integration? From when I first heard the term I immediately thought of countries integrating or joining together to achieve some goal. Well, according to EU Learning, Regional Integration is the process by which two or more nation-states agree to co-operate and work closely together to achieve peace, stability and wealth. In other words, regional integration is the joining of individual states within a region into a larger whole. The degree of integration depends upon the willingness and commitment of independent sovereign states to share their sovereignty. It would have as its objective political or economic goals or

Many countries look to import and export their goods or services they produce in their country in order to increase gross domestic product (GDP) or to obtain the product at a cheaper price. The Regional Comprehensive Economic Partnership (RCEP) is a partnership agreement that will expand the free trade region in the major Asian countries and increase the benefits. The Association of Southeast Asian Nations (ASEAN) is the sole carrier of the RCEP which plans on integrating the “Plus six”, partners China, Australia, Japan, India, New Zealand and South Korea in order to achieve the expansion of free trade. This free trade agreement plans on bringing together the three largest economies in Asia in hopes to achieve economic