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Forms of Regional Integration

 
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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) To learn more about this author, visit African Development Bank's Website.

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African Development Bank
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The African Development Bank is the premier financial development institution of Africa, dedicated to combating poverty and improving the lives of people of the continent and engaged in the task of mobilizing resources towards the economic and social progress of its Regional Member Countries.The Bank’s s mission is to promote economic and social development through loans, equity investments, and technical assistance. The ADB is a multilateral development bank whose shareholders include 53 African countries and 24 non-African countries from the Americas, Asia, and Europe. It was established in 1964, with its headquarters in Abidjan, Côte d’Ivoire, and officially began operations in 1967.
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