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CHAPTER 9 REGIONAL ECONOMIC INTEGRATION
Types of Regional Economic Integration?
Static and Dynamic Effects of Regional Economic
Integration
Regional Economic Integration in Europe, North
America and Asia
Regional economic integration: A process in which states enter into a
regional agreement in order to enhance regional economic cooperation
through regional institutions and rules.
(A process of unification of economic policies)
§1 Types of Regional Economic Integration?
Preferential Tariff Arrangement
Free Trade Area
Customs Union
Common Market
Economic Union
Regional
Economic
Integration
Preferential tariff arrangement
The countries involved reduce but do not undertake to eliminate totally their import tariffs (customs duties) on the goods flowing between them;
Meanwhile, they retain tariff protection on goods entering their economies from outside.
The least restrictive and loosest form of economic integration among countries.
2. Free trade area
A group of countries that eliminate all tariffs on trade with each other but retain autonomy in determining their tariffs with nonmembers.
Each country continues to set its own policies in relation to nonmembers.
For all goods or only for certain classes of goods and
services.
The most notable are the European Free Trade Association (EFTA) and the North American Free Trade Agreement (NAFTA).
In 1960,
the UK,
Austria ,
Denmark,
Norway,
Portugal,
Sweden
Switzerland
formed
EFTA.
3. Customs union
Members of a customs union dismantle barriers to trade in goods and services among themselves.
In addition, a common trade policy with respect to
nonmembers, typically, this takes the form of a common
external tariff.
Arrangements of this kind are clearly discriminatory, since they represent free trade within the bloc but discrimination against the rest of the world.
4. Common market
A common market has no barriers to trade among members and has a common external trade policy.
In addition, however, factors of production are also mobile among members.
Thus, capital, labor, and technology may be employed in their most productive uses.
The Treaties of Rome in 1957 established a common market within the European Community (EC).
5. Economic union
An economic union is now frequently described as economic and monetary union.
The “economic” aspect of economic union refers to the existence of a common market.
The “monetary” aspect relates to the associated monetary and fiscal arrangements, and may involve the introduction of a common currency together with highly unified fiscal arrangements.
Nations surrender a large measure of their national sovereignty.
Preferential Tariff
Arrangement
Partial preferential to
trading partners
Free Trade Area Elimination of all tariffs, QRs and NTBs
Customs Union
Common level of
trade barriers
vis-à-vis
non-members
Common Market
Free movement of
factors of
production
Economic Union
Integrating national
economic policies
& a common currency
Three Shallow
Integration Stages
Two Deep
Integration Stages
§2 The Static and Dynamic Effects of Regional Economic Integration
1. Static effects of regional economic integration
The effects that occur
directly on the formation
of the integration project.
Jacob Viner (1950) examined
the case of customs union
and got the conclusion: two
static effects.
Canadian economist
雅各布 维纳
(1) Trade creation
Economic integration creates trade that would not have existed otherwise.
United States
$70
Mexico
$60
China
$50
$30 tariff on each bicycle from
Mexico and China。
NO trade between the USA
and Mexico.
NO trade between the USA
and China。
If no tariff on Mexican
bicycles, then trade occurs.
(2) Trade diversion
Economic integration diverts trade, away from a more efficient nonmember supplier to a less efficient member supplier.
United States
$70
Mexico
$60
China
$50
US$15 tariff on
each bicycle
If NO tariff
on bicycles
from Mexico,
then …
(3) Administrative saving?
Reduce the need for customs officers
(4) Collective terms of trade improving
Substantial demand falls import price drops
(due to greater market power)
(5) Greater bargaining power in trade negotiation
Greater than they would have negotiated on
their own
2. Dynamic effects of regional economic integration
Increase competition and economies of scale
Market size increases lower degree of monopoly
Some industries require large scale production
Internal economies of scale ( greater production)
External economies of scale resulted from cheaper
capital, more highly skilled labors, or superior technology
(2) Stimulate greater investment in the member countries
Example: Massive U.S. investment occurred in the EC in
the 1960.
§3 Economic Integration in Europe, North
America and Asia
Economic integration in Europe
(1) The origination and development of EU
Year Treaty or Organization Objectives or Achievements
1952
The European Coal and Steel
Community (ECSC)
(West Germany, France, Italy,
Belgium, the Netherlands,
Luxembourg)
1948
The Organization for European
Economic Cooperation (OEEC)
Administer Marshall Plan aid from the United States (economic reconstruction)
Form a common market in coal and steel for member countries
1958
The European Economic
Community (EEC)
Treaty of Rome
Expand the scope of the common
market to all industrial and agricultural commodities
1967
ECSC, EEC and EAEC merged
to form the EC (the Merger
Treaty )
Create a single set of institutions for the three communities
1985
Schengen （申根） Agreement
(Luxembourg)
Lead the way toward the creation of open borders without passport controls between most member states and some non-member states (22 member states+4 non-member states).
European
Atomic
Energy
Community
Year Treaty or Organization Objectives or Achievements
1993
The Maastricht Treaty
(马斯特里赫特条约)
[mɑ:s'trikt]
1986
The Single European Act (SEA)
Amend the Treaty of Rome
Set a deadline for the creation of a full single market by 1992
Create deeper integration
Amend the Treaty of Rome
Advance the agenda for deepening European Political Union (EPU)
Create a new model for the Community based around three 'pillars' covering economic relations, foreign affairs and home affairs, officially created the European Union (EU)
Set in train the process of Economic and
Monetary Union (EMU)
2007
The Lisbon Treaty
Intend to replace the earlier, failed European Constitution
Entered into force on 1 December 2009
Amend the Treaty on European Union (TEU,
Maastricht; 1992) and the Treaty establishing the European Community (TEC, Rome; 1957).
In this process, the TEC was renamed to Treaty on the Functioning of the European Union (TFEU).
Year Members (28)
1957: establishment West Germany, France, Italy, Belgium, the
Netherlands, and Luxembourg (6)
1973: 1st enlargement Denmark, Ireland and the United Kingdom (3)
1981: 2nd enlargement Greece (1)
1986: 3rd enlargement Spain and Portugal (2)
1995: 4th enlargement Austria, Sweden and Finland (3)
2004: 5th enlargement Malta, Cyprus, Slovenia, Estonia, Latvia, Lithuania,
Poland, the Czech Republic, Slovakia, and Hungary (10)
2007: 6th enlargement Romania and Bulgaria (2)
2013: 7th enlargement Croatia
(2) EU institutions and other bodies
Not a federation like the United States.
Nor is it simply an organisation for co-operation between
governments, like the United Nations.
The countries that make up the EU remain independent
sovereign nations but they pool their sovereignty in order
to gain a strength and world influence none of them could
have on their own.
Decisions on specific matters of joint interest can be made
democratically at European level.
Institutions of the EU
Proposes laws and actions
Co-decision
Institutions of the EU
The European Commission is the 'executive body' of the EU. It manages EU policies and the budget. It also ensures that member countries apply EU legislation properly.
28 members, known as 'Commissioners', i.e. one person from each Member State, appointed by national governments for five years and must be approved by the European Parliament.
EC is responsible for specific policy areas, such as energy, development or trade, just to mention a few.
Institutions of the EU
European Parliament
Main decision-making body, pass EU laws, coordinate economic policies, sign international agreements, approve budget, foreign and defence policy.
Represents EU citizens.
Directly elected by EU citizens every five years.
751 members from all EU countries.
Institutions of the EU
Other institutions:
European Council, the Court of Justice of the EU, the European Central Bank and the European Court of Auditors.
Council of the European Union
It represents the EU countries .
In the Council, ministers from all Member States meet to discuss EU matters, and make decisions on EU policies and laws.
The minister attending depends on the topic under discussion.
2. Economic integration in North America
The origination of NAFTA
Negotiations on North American Free
Trade Agreement (NAFTA) began in 1991.
The agreement was signed between
the United States and its first and its
third largest trading partners, Canada
and Mexico in August, 1992 and took
effect on January 1, 1994.
For the United States,
NAFTA was an economic opportunity to capitalize on a growing export to the south.
NAFTA was seen as a way to deepen the democratic processes in Mexico.
The regional talks would spur progress on the slow-paced Uruguay Round of multilateral negotiations.
The imports from Mexico would likely include higher US content than competing imports from Asia, providing an additional benefit.
For Mexico,
NAFTA represented a way to lock in “market opening”. Mexico needed more rapid growth to provide new opportunities for its young, expanding population.
For Canada,
The objectives were less ambitious. Canadian officials suspected that a new agreement with Mexico would erode the hard-fought gains of the CUSFTA, which had come into force only in 1989.
However, the Canadian government decided that it had more to gain by joining the negotiation than by staying on the sideline.
(2) The objectives of NAFTA
① Eliminate barriers to trade in goods and services between the territories of the Parties;
② Promote conditions of fair competition in the free trade area;
③ Increase substantially investment opportunities;
④ Provide protection and enforcement of intellectual property rights;
⑤ Create effective procedures for the implementation and application of this Agreement, for its joint administration and for the resolution of disputes;
⑥ Establish a framework for further trilateral, regional and multilateral cooperation to expand and enhance the benefits of this Agreement.
(3) The main contents of NAFTA
NAFTA is a complex and lengthy document that includes
2,000 pages.
① Market access for goods within North America.
② Protection for foreign investment.
③ Protection for intellectual property.
④ Easier access for business travelers.
⑤ Access to government procurement.
⑥ Rules of Origin.
(4) The impact of NAFTA
Merchandise trade among the NAFTA partners has more than tripled, reaching US$946.1 billion in 2008.
Canada-U.S. trade has nearly tripled, while trade between Mexico and the U.S. has more than quadrupled.
The North American economy has more than doubled in size. The combined GDP for Canada, the United States, and Mexico surpassed US$17 trillion in 2008, up from US$7.6 trillion in 1993.
In 2008, Canada and the United States’inward foreign direct investment
(FDI) stocks from NAFTA partner countries reached US$469.8 billion.
Meanwhile, Mexico has become one of the largest recipients of FDI among emerging markets.
3. Economic Integration in Asia
APEC
Asia-Pacific Economic Cooperation
① The origination of APEC
The idea of APEC was firstly publicly
broached by former Prime Minister of
Australia, Mr. Bob Hawke (霍克) in
January 1989.
Between 1989 and 1992, APEC met as an informal senior official and ministerial level dialogue.
In 1993, former United States President, Mr. Bill Clinton, established the practice of an annual APEC Economic Leaders' Meeting.
The premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region.
21 members ( "Member Economies" ) accounting for approximately 40% of the world's population, approximately 54% of world GDP and about 44% of world trade.
（文莱）
（巴布亚新
几内亚）
② The operation of APEC
The only inter-governmental grouping in the world
operating on the basis of non-binding commitments.
APEC has no treaty obligations required of its
participants.
Decisions made within APEC are reached by consensus
and commitments are undertaken on a voluntary basis.
Every year one of the 21 APEC Member Economies plays
host to APEC meetings and serves as the APEC Chair.
③ The major achievements and benefits of APEC
（i）Trade and investment liberalization
It focuses on opening markets to increase trade and investment among economies.
As a consequence, intra-APEC merchandise trade (exports and imports) has grown from US$1.7 trillion in 1989 to US$8.44 trillion in 2007 — an average increase of 8.5% per year.
Over 30 bilateral free trade agreements (FTAs) have been concluded between APEC Member Economies.
(ii) Business facilitation
Focuses on reducing the costs of business transactions,
improving access to trade information.
The introduction of electronic/paperless systems by all
member economies, covering the payment of duties, and
customs and trade-related document processing.
The APEC Business Travel Card (ABTC) allows visa free
travel and express lane transit at airports.
The cost of business transactions across the region was reduced by 5% between 2002 and 2006.
(iii) Economic and technical cooperation
To build capacity and skills in APEC Member Economies at both the individual and institutional level.
To provide training and cooperation to build
capacities in all APEC Member Economies.
More than 1200 projects have been initiated since 1993.
(2) ASEAN
The Association of Southeast Asian Nations (ASEAN)
1967: Established in Bangkok (曼谷), Indonesia, Malaysia,
Philippines, Singapore, and Thailand
1984: Brunei Darussalam
(文莱达鲁萨兰国)
1985: Vietnam
1997: Lao PDR, Burma
1999: Cambodia
Building on the Joint Statement on East Asia Cooperation of 1999, cooperation between the Southeast and Northeast Asian countries, China, Japan, and the Republic of Korea (ROK) has accelerated.
Cooperate in a variety of areas: trade and investment, environment, finance and monetary, etc.
In November 2000, China first proposed the idea of China-ASEAN Free Trade Area (CAFTA).
CAFTA came into effect on 1 January 2010.
The largest free trade area in terms of population (about 1.7 billion) and the third largest free trade area in terms of trade volume (about 4.5 trillion U.S. dollars).
Starting from January 1, 2010, tariff
of about 90% of the commodities
traded in CAFTA will be reduced to
zero, marking the initial
establishment of the FTA.

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