Analysis of the relationship degree of integration with the growth of welfare in the countries - members EU, NAFTA, ASEAN, MERCOSUR
DOI:
https://doi.org/10.21847/1728-9343.2016.5(145).82934Keywords:
free-trade zone, Customs Union, economic union, regional integration, integration associations, gross domestic product, income levels, NAFTA, EU, ASEAN, MERCOSURAbstract
Modern world economy includes more than one hundred regional trade agreements in place and number that is continuously evolving. Recently some countries reconfigure their economic and political interests and priorities to protectionism. From another side, the expansion of the World Trade Organization has created side agreements with other regional groups leading to a web of trade agreements and understandings.
The article is considered the features of integration agreements on the example of the EU, NAFTA, ASEAN and Mercosur. The influence of the process of international economic integration on the gross domestic product, employment and incomes of participating countries is examined. It defines dependence of the effects of integration on stages of integration and economic development of members' countries.
It is determined that regional integration is changing welfare of population on macro and micro levels. It is defined the degree of integration depends upon the willingness and commitment of independent sovereign states to share their sovereignty. Deep integration that focuses on regulating the business environment in a more general sense is faced with many difficulties.References
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