Economic integration fosters trade among nations from "summary" of International Economics by Robert Carbaugh
Economic integration refers to the process by which countries remove barriers to trade and investment in order to achieve greater economic cooperation. This can take the form of free trade agreements, customs unions, common markets, or economic unions. By reducing tariffs, quotas, and other trade barriers, member countries are able to increase the flow of goods and services across borders. This leads to greater specialization and efficiency, as countries can focus on producing the goods and services in which they have a comparative advantage.
One of the key benefits of economic integration is the increase in trade among nations. When countries lower barriers to trade, it becomes easier and cheaper for businesses to buy and sell goods and services across borders. This can lead to increased exports and imports, as well as greater investment flows between countries. As a result, economic integration ca...
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