Discussion Responses Required - 10 To 12 Hours At The Maximum

1. Key Term and Why You Are Interested in It

In selecting the term Regional Economic Integration, I became aware of its widespread utilization of information through several countries and the process of which it is used. Regional Economic Integration has an increasing success rate over the previous decades, as it relates to international businesses. As the field of economic continues to grow around the world, so does the way countries conduct its free trade business, changing the culture all around. In today's society, many countries continue to tap into Regional Economic Integration, developing and building relationships with other countries for trade goods. This concept allows countries to connect faster, easier and more efficient. However, I am interested in the term because I want to increase my personal understanding and focus on a few ways of how Regional Economic Integration has helped grow the United States free trade. 

2. Explanation of the Key Term

Regional Economic Integration is the concept that allows several countries to focus on specific issues and areas that are relevant to their stage of development as well as encourage trade between neighbor countries (Mason A. Carpenter and Sanjyot P. Dunung). Providing a clear and concise meaning of the term, you must first understand the four types of Regional Economic Integration concepts. These concepts consist of free trade area, customs union, common market, and economic union witch all play a part in the foundation of Regional Economic Integration concept (Mason A. Carpenter and Sanjyot P. Dunung). During the past decade, an increase in trading blocks, the free trade zone, with over a hundred agreements between two or more countries.

3. Major Article Summary

The article that most interested me was “A critical review of regional economic integration in China” by Rui Wang. During this article, Wang focuses on Chine’s Regional Economic Integration from a theoretical point of view and its process of development. It was understood that the China process can become a little confusing, creating discrimination among countries, to the foundation of Regional Economic Integration (2015). However, their process was known as a self-organized process with multi-component and systematic coordinated. This process includes the economic integration from across other countries and addition to the regional economic integration in China. China mainly focused on its integration of science and technology resources, information resources and logistics resources (Wang, R. 2015). Strengthen China’s economic region, human resources, goods, capital, technology and information throughout its country, playing a major part in the development. This was the intention to build a stronger regional integrated market and decrease the enterprise to protect the regional growth poles for China.

This article summarizes the process of Regional Economic Integration which shows interest in the common and excavates regional relevance of various elements. In addition, the article addresses the elimination of regional differences and achieving the free movement of factors gradually to achieve regional economic integration and optimization (Wang, R. 2015). With the regions globalization developing, there was a need for wider and higher level of coordination. Analyzing the efficiencies of the process and understanding the following, generating agglomeration effects and economies of scale; promoting economic growth and improving competitiveness; risk sharing of economic shocks, were all very important parts of the main content of China’s Regional Economic Integration concept (Wang, R. (2015). In addition, understanding the inefficiencies and its main content as followed, collision with the administrative regime; the convergence of industrial structure (Wang, R. (2015). The two concepts of regional economic integration including market and government are efficient. The brief analysis of west-China practice and prospects can effectively prove above viewpoint.

4. Discussion

A.

The cited work above, A critical review of regional economic integration in China, by Rui Wang, use many similarities as, Brian Satterlee. Brian Satterlee, relates his study and points out the five basic value goals. Peace, freedom, and the absence of random violence, prosperity, and economic development, the reduction in the incidence of poverty, and democracy and clean and healthy environment, these goals were acknowledging as the development of regional economic integration. As mentioned in the above article, China believed in the process and used these terms to help create its understanding and methods that outlined its process. While Brian Satterlee expressed that the economic integration industry would overall grow each decade; Rui Wang, expressed that China to utilize regional economic integration to decrease the enterprise.

B.

The cited article relates to the others by outlining the process in which Regional Economic Integration develop for a number of countries. Also, addressing the pros and cons of creating regional agreements. According to Mason A. Carpenter and Sanjyot P. Dunung, there are over one hundred regional trade agreements in place between countries (2017). This number is continuously evolving as countries reconfigure their economic and political interests and priorities. Additionally, the expansion of the World Trade Organization has caused smaller regional agreements to become obsolete. Some of the regional blocs also created side agreements with other regional groups leading to a web of trade agreements and understandings. The participation in regional economic integration is important for the growth of countries networking, to increase their productivity and competitiveness.

References:

De Melo J, Tsikata Y. (2014). Regional integration in Africa: Challenges and prospects. Retrieved from http://journals.sagepub.com.ezproxy.liberty.edu/doi/abs/10.1177/0974910116677790

Hanh, V. T. (2015). Vietnam's perspectives on regional economic integration.Journal of Southeast Asian Economies, Retrieved from http://ezproxy.liberty.edu/login?url=https://search-proquest-com.ezproxy.liberty.edu/docview/1686489871?accountid=12085

Kyophilavong, P., Vanhnalat, B., & Phonvisay, A. (2017). Lao SME participation in regional economic integration. Journal of Southeast Asian Economies. Retrieved from doi:http://dx.doi.org.ezproxy.liberty.edu/10.1355/ae34-1h