Forms of Regional Integration
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Free Download - Poverty Measurements and Relevance of Micro-credit By African Development Bank |
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)
Forms of Regional Integration - To learn more about this author, visit African Development Bank's Website.
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