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The document discusses the benefits of economic integration among ASEAN countries, including progress in trade due to reduced tariffs and duties, the possibility of further economic agreements, improved political cooperation through regional groups, and increased employment opportunities due to market expansion and investment.

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33 views1 page

Asian

The document discusses the benefits of economic integration among ASEAN countries, including progress in trade due to reduced tariffs and duties, the possibility of further economic agreements, improved political cooperation through regional groups, and increased employment opportunities due to market expansion and investment.

Uploaded by

kamalsharaff
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Asian

Tutorial 1:
One of the main purposes of forming ASEAN is economic
integration; generally discuss the advantages and
disadvantages of this economic integration:
Benefits of Economic integration
Economic integration can be defined as a kind of arrangement where countries get in
agreement to coordinate and manage their fiscal, trade, and monetary policies in order to be
mutually benefitted by them. There are many degrees of economic integration, but the most
preferred and popular one is free trade. In economic integration no country pays customs duty
within the integrated area, so it results in lower prices both for the distributors and the
consumers. The ultimate aim of economic integration is to increase trade across the world.
There are many other advantages associated with this concept. Some of these are:
[Link] in trade.
All countries that follow economic integration have extremely wide assortment of goods and
services from which they can choose. Introduction of economic integration helps in acquiring
goods and services at much low costs. This is because the removal of trade barriers reduces or
removes the tariffs entirely. Reduced duties and lowered prices save a lot of spare money
with countries which can be used for buying more products and services.
2. possibility of further economic agreement.
When countries enter into regional integration, they easily get into agreements and stick to
them for long periods of time.
[Link] in political cooperation.
Countries entering economic integration form groups and have greater political influence as
compared to influence created by a single nation. Integration is a vital strategy for addressing
the effects of political instability and human conflicts that might affect a region.
4. employment opportunities
The various options available in economic integration help to liberalize and encourage trade.
This results in market expansion due to which high amount of capital is invested in a
countrys economy. This creates higher opportunities for employment of people from all
over the world. They thus move from one country to another in search of jobs or for earning
higher pay.

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