Mention the various forms of economic integration?

1.	Mention the various forms of economic integration?
Answer» An economic union is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production and a common external trade policy, (e.g. European Economic Union) EU > CM > CU > FTA EU – Economic Union > CM – Common – Market > CU – Customs Union > FTA – Free Trade Area The regional economic integration among the trade blocks such as SAARC (South Asian nations), ASEAN (South East Asia) and BRICS and their achievements.

Answer»

An economic union is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services and the factors of production and a common external trade policy, (e.g. European Economic Union)

EU > CM > CU > FTA

EU – Economic Union >

CM – Common – Market >

CU – Customs Union >

FTA – Free Trade Area

The regional economic integration among the trade blocks such as SAARC (South Asian nations), ASEAN (South East Asia) and BRICS and their achievements.

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