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 into the European Union of the other part of the world. For instance Thailand and Vietnam have strong expanding economies whereas Myanmar is somewhat poor as well as separated from the rest. This integration comes in a time in which communism is not a big issue for these nations. A few of the possibilities this regional integration would provide the organization and the 10 member states are the power as well as capability make business with bigger potencies such as China as well as the United States of America.
A few of the advantages and benefits that will come from this venture will be the national reconciliation and democracy, increase trade, and reinforce security to prevent conflicts and terrorism providing this region the chance to perform and get more business from other nations in addition to franchises, corporations, and trade exemption policies in the region. Against Regional Integration The article authored by Prof. Zivojin Jazic explains the elements, similarities and differences between the EU and ASEAN and APEC and describes their point of view regarding world globalization.
This short article also integrates as well as describes the key reasons a few organizations aren’t in support of regional integration even now and their suggestions to the region they serve. The EU is the most essential player in politics with regard to Asia as well as Africa because is the second market of foreign trade in the region. In regard to ASEAN and APEC they both have political problems however mostly because they encourage trade and invested not regional integration in their 21 member countries in said region.
APEC is a strong economy in Asia as well as the Pacific and is continuing to grow as fast rates. That is why the influence of regional integration must not influence their stability as well as status in region these days. APEC has a strong impact in Asia’s economic growth also on the globalization process in general. Right now, APEC has 10 Member Countries, but has partners of the dialogue with India, Japan, the United States of America, China, EU, particularly in regard to security and the economic cooperation of these nations.
A few of the hurdles or factors that influence ASEAN regional integration development are: political barrel and of safety, economic barrel, functional barrel, and the barrel of the progress. All of these before described are quite critical to meet the goals of progress. From 2002 ASEAN is thinking about the creation of free trade zone to accomplish their execution of roadmap by 2020. In comparison to the process of globalization it is clear and is established that this process hasn’t produced any benefits with the large sections of the human population of the world, most ikely because the main impulsive force is the trend for the benefit. The article refers that the solution may be to incorporate local organizations as well as projects for the economic cooperation and integration to contribute with two goals: to guarantee the social justice as well as the security of the underprivileged people and to encourage equal benefits with globalization and the economic progress and business opportunities with movements of products, money as well as labor.
This continues to be to be EU’s mission. In conclusion, after studying both articles above, one in support of regional integration and one in opposition to it, it has been explained the various disadvantages and advantages of it in regions and how it can relate with their economic system. To conclude, the writer firmly thinks regional integration is useful for both the organization that is attempting to conduct business and to the nation in general for said region.
Not just regional integration assists that region grow their economy and develop but also provides them the opportunity to overcome governmental hurdles linked with trade of products to other nations. Regional integration also provides the chance to the organization to progress in other nations and simultaneously make that country develop their economic system and impulse their working labor as well as capital. References Babylon. (2011). Regional Integration. Retrieved from http://www. abylon. 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