Regional Integration and Economic Blocs
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7.5 Understand regional integration and economic blocs.
Related to government intervention is the worldwide trend toward regional economic integration. Also known as regional integration, regional economic integration refers to the growing economic interdependence that results when two or more countries within a geographic region form an alliance aimed at reducing barriers to trade and investment. As happened following formation of the European Union (EU), regional integration increases economic activity and makes doing business easier among nations within the alliance. At a minimum, the countries in an economic bloc become parties to a free trade agreement, a formal arrangement between two or more ...
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