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Forms of Regional Integration

Guest post by: African Development Bank

Article Overview: We may identify five main types or forms of regional integration, classifying them by a rising degree of intensity.

Forms of Regional Integration

We may identify five main types or forms of regional integration, classifying them by a
rising degree of intensity. They are:
· Preferential Trade Agreement (PTA), which is formed with the reduction of
custom duties (mainly tariffs) on trade among members relative to those on trade
with non-members.
· Free Trade Area (FTA), which involves the elimination of tariffs and quotas on
the trade among member countries.
· Customs Union (CU), which goes a step further than the FTA as in addition to
free trade within the union, there is a common external tariff (CET) against nonmembers.
· Common Market (CM), which is a CU that allows for the free movement of
factors of production among member countries. Thus, it encompasses intra-union
free trade, a common external tariff against non-member countries and free
movement of factors of production (labour and capital) within the union.
· Economic and Monetary Union (EMU), which is a common market in which
there is a single currency and monetary policy, and in which major economic
policies (particularly fiscal policy) are coordinated or harmonized. Often, there is
a compensation policy, which involves transfer of income to poorer or
disadvantaged members of the Union.

African Development Bank
Economic Research Working Paper Series
Enhancing Africa’s Trade: From Marginalization
to an Export-Led Approach to Development
Milton A. Iyoha
Professor, Department of Economics & Statistics
University of Benin, Nigeria
Economic Research Working Paper
No 77 (August 2005)

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Article Tags: african development bank, common external tariff, common market, compensation policy, customs union, department of economics, disadvantaged members, economic and monetary union, economic policies, economic research, factors of production, fiscal policy, marginalization, member countries, professor department, regional integration, single currency, tariffs and quotas, university of benin, university of benin nigeria



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