Regional Integration for or Against Articles

Topics: European Union, International trade, United States Pages: 3 (1043 words) Published: August 27, 2011
Regional Integration For or Against Articles
BUS 240

Regional Integration For and Against Articles
“Regional Integration is a process in which states enter into a regional agreement in order to enhance regional cooperation through regional institutions and rules” (Babylon, 2011). Regional integration concentrates into assisting nations eliminate trade hurdles and overcome political problems linked to the environment, geographic, and much more. In European Countries, Regional Integration has both advantages and disadvantages that relate the stage of economic progress of the economically integrated regions to potential business opportunities in those nations. For Regional Integration

The ASEAN Pursues EU article provides one instance of a region in support of regional integration. “The European Union organized a group of nations with different currencies and languages - and profits followed” (Conde, 2007, para. 1). As per this article grouping currencies from various nations would assist regional integration, also assist the economic system of the region and build stronger relationships. The Association of Southeast Nations (ASEAN) desires to try the identical technique that the EU had earlier encouraged and integrate currencies in the areas. In the past former prime minister of Singapore Lee Kuan Yew had rejected this idea (Jazi, 2008). Instead, the prime minister believed that the country could achieve this objective but perhaps after 50-80 years. To start the process they would require writing a charter however the organization has opposed during the past because of the different financial systems in the region. This is currently in the starting phases however it has been stated that it will be a legally binding charter just like the one in the European Union, taking into consideration that any members who do not abide by this charts principles as well as procedures would need to incur on sanctions. To put it differently, ASEAN desires to turn...

References: Babylon. (2011). Regional Integration. Retrieved from http://www.babylon.com/definition/Regional_integration/English
Conde, C. H. (2007). ASEAN Pursues EU – Style Regional Integration. Retrieved from http://yaleglobal.yale.edu/content/asean-pursues-eu-style-regional-integration
Jazi, Z. (2008). Regional Integration and Globalization: European Union and Comparison with Asian Regional Institutions (ASEAN and APEC). Retrieved from http://www.allacademic.com//meta/p_mla_apa_research_citation/0/7/0/4/6/pages70469/p70469-1.php
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