ECONOMIC INTEGRATION IN WEST AFRICA
CONTENT
- Definition of Economic Integration
- Types of Regional Economic Integration
- Characteristics of Customs Union
- Benefits or Advantages of Economic Integration
- Problems or Disadvantages of Economic Integration
Definition of Economic Integration
Economic integration can be defined as a form of international co-operation among nations to foster their economic interests. It is the deliberate act of government to pool their economic resources together in order to achieve a greater efficiency in the production of goods and services for the social and economic welfare of their countries. Countries with common interests form themselves into an organization whose major objectives are to remove trade barriers and other obstacles that reduce the free flow of goods and services. A good example of economic integrations in Africa is Economic Community of West African States (ECOWAS)
Types of Regional Economic Integration
- Free trade area: This is a type of integration in which member countries agree to remove all restriction to trade among them. Tariffs ,quotas, bans etc are not imposed on goods coming from or going to member nations
- Common market: This is also known as Economic Community in which there is a common internal and external tariff policy.
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