What obstacles does APEC face in its attempt to achieve closer economic integration between countries in the Asia-Pacific region? Regional integration involves countries usually from the same region. That is common boundaries, similar beliefs, customs and language. A successful example of regional integration is the EU countries. There are various stages of regional integration, and the immediate goal is to reduce tariffs between member countries. This usually comes in the form a Preferential Tariff Arrangement or PTA. PTA involves the reduction of tariffs over a period of time. The second stage of regional integration involves a Free Trade Area or FTA and this sees tariffs on merchandise trade reduced to zero over a period of time. The next phase is known as Common Market and, also includes zero tariffs but on all goods and services including the free movement of labour between member countries. Finally, the next stage of regional integration is known as Economic Union. This includes in addition (to the common market), monetary integration, and political union. The EU is an ex...
The European Union has been helped economically ever since World War II. Right after World War II’s end, Europe was struggling to hold on. The countries of the modern-day European Union thought it would be a good idea to come together and help each others struggling economy. To this day, this decision has had a very positive outcome on the EU’s economy. As shown in Diagram 1, the European Union combined together has the world’s highest GDP at 18.3 Trillion USD as compared to the United States’ 17.4 Trillion USD GDP and China’s 10.4 Trillion USD GDP. The idea
On the 15th of February in 1942 one of the biggest defeats of the British Empire was accomplished by the Japanese, Singapore was surrendered. The Fall of Singapore was relatively destructive to the relationship between Britain and Australia. Australia relied on Britain holding Singapore as it was the last defence against the Japanese and it was feared that Japan would go on and invade Australia if it fell, Australia openly showed that they could not rely on the British for defence by becoming a strong ally with America and asking them to help with the feared Japanese invasion. Australia feared the threat of invasion constantly throughout the war, when Singapore fell the Australian government predicted a certain attack by the Japanese.
In conclusion, the European Union has “merged” the countries of Europe. It has developed a common currency called the Euro’s, and a Parliament located in Belgium, Luxembourg, and France. Also, ALL of the countries of the Union are affected when one country is affected. This is important because the continent of Europe had become very weak after the wars and they needed to strengthen, and the European Union keeps the countries of Europe strong and economically fit.
The least advanced level is the Free Trade Area. The features of this level is that reduced tariff barriers between signatories, which at times are abandoned altogether and there is free movement of labour and capital and the non-member countries have an independent set of tariffs against member countries. The second level of economic integration is the Customs Union. This is a Free Trade Agreement plus a common external tariff. Member countries agree to reduce tariff barriers among themselves and they have in common, this is referred to as tax harmonisation.
A little friendly competition has fueled America long before this generation. On July 1, 1862, President Abraham Lincoln brought the Transcontinental Railroad to life. Two unions: the Union Pacific and the Central Pacific were to battle to find out who could reach the middle of the United States of America the fastest while building a railroad that would connect the East Coast and the West Coast. The Union Pacific and the Central Pacific were both granted financial aid from the government to build the Transcontinental Railroad. Both the Union Pacific and the Central Pacific would have to overcome obstacles to make this vision a reality. Everyone knew that this railroad would aid America in travel and commerce. The construction of this railroad was one of the United States’ greatest accomplishments technologically and also proved that with determination and money, anything could be accomplished.
Stewart Gordon is an expert historian who specializes in Asian history. He is a Senior Research Scholar at the Center for South Asian Studies at the University of Michigan and has authored three different books on Asia. Gordon’s When Asia Was The World uses the narratives of several different men to explore The Golden Age of medieval Asia. The fact that this book is based on the travels and experiences of the everyday lives of real people gives the reader a feeling of actually experiencing the history. Gordon’s work reveals to the reader that while the Europeans were trapped in the dark ages, Asia was prosperous, bursting with culture, and widely connected by trade. This book serves to teach readers about the varieties of cultures, social practices, and religions that sprang from and spread out from ancient Asia itself and shows just how far Asia was ahead of the rest of the world
Before discussing the notion that the European Union (EU) possesses a federal character, one has to define federalism (federal system).
These “Inner Six” nations thus laid the framework for further integration of other nations within the region and its supranational principles were what led to the creation of the European Economic Community in 1957, further assimilating the European countries’ economies. The creations of these communities for economic purposes were meant to promote cooperation amongst European nations to prevent the further outbreak of violence which had subsided with the end of WWII. Through these general agreements of economic importance came further integration through the creation of more agreements throughout the 1960s, such as the abolishment of customs duties amongst their borders, creating free trade and border trade tax pacts among the Inner Six and across their borders to other signatory nations.
Globalization has become one of the most influential forces in the twentieth century. International integration of world views, products, trade and ideas has caused a variety of states to blur the lines of their borders and be open to an international perspective. The merger of the Europeans Union, the ASEAN group in the Pacific and NAFTA in North America is reflective of the notion of globalized trade. The North American Free Trade Agreement was the largest free trade zone in the world at its conception and set an example for the future of liberalized trade. The North American Free Trade Agreement is coming into it's twentieth anniversary on January 1st, 2014. 1 NAFTA not only sought to enhance the trade of goods and services across the borders of Canada, US and Mexico but it fostered shared interest in investment, transportation, communication, border relations, as well as environmental and labour issues. The North American Free Trade Agreement was groundbreaking because it included Mexico in the arrangement.2 Mexico was a much poorer, culturally different and protective country in comparison to the likes of Canada and the United States. Many members of the U.S Congress were against the agreement because they did not want to enter into an agreement with a country that had an authoritarian regime, human rights violations and a flawed electoral system.3 Both Canadians and Americans alike, feared that Mexico's lower wages and lax human rights laws would generate massive job losses in their respected economies. Issues of sovereignty came into play throughout discussions of the North American Free Trade Agreement in Canada. Many found issue with the fact that bureaucrats and politicians from alien countries would be making deci...
The 21st Century has witnessed Asia’s rapid ascent to economic prosperity. As economic gravity shifts from the Western world to the Asian region, the “tyranny of distance [between states, will be] … replaced by the prospects of proximity” in transnational economic, scientific, political, technological, and social develop relationships (Australian Government, 1). Japan and China are the region’s key business exchange partners. Therefore these countries are under obligation to steer the region through the Asian Century by committing to these relationships and as a result create business networks, boost economic performance, and consequently necessitate the adjustment of business processes and resources in order to accommodate each country’s
CAFTA, the Central America Free Trade Agreement, or commonly known as the Dominican RepublicCentral America Free Trade Agreement (DR-CAFTA), is a free trade agreement. In international trade, free trade is an idealized market model, often stated as a political objective, in which trade of goods and services between countries are not hindered by government imposed tariffs (taxes on imports) or non-tariffs (Wikipedia, 2007).
APEC consists of 21 nations and other political units that border the Pacific Ocean. Economic and political alliances have been formed among the countries of the Pacific Rim. APEC's aims include reducing trade barriers among its members and to further trade and investment in the region. Its principles are to support economic growth and development of the region and world economic liberalization, to reduce barriers of the trade of goods, services and investment, and to facilitate economic, technical and investment cooperation among its member economies. (http://www.apec2002.org.mx/sevents)
This paper first assesses existing Asian institutions. The existing Asian institutions are quite inefficient in terms of the lack of enforcement and implementation power due to the divergence of economic and political interests of member countries. The second section analyzes reasons why there has not been an ultimate East Asian regionalism. It is mainly because of the United States’ ambition of better controlling and to maximizing its interests in Asia and the Pacific region and the internal tensions among East Asian countries that East Asian regionalism has failed to take shape. The third section seeks a theoretical possibility for the establishment of East Asian regionalism...
Much of the political case for regional economic integration stems from national security. Another case study provided by Hill is the European Union. The nation states of Western Europe bonded together in an effort to deal with the political giants of the USSR to the east and the USA to the west. Further, regional economic integration can facilitate political harmony between nations due to their increased level of
The interrelation and the integration of people, companies, governments and nations can be described as globalization. Globalization was produced due to international trade and investments with the help of technology. In today’s world, globalization is very essential. Advancements and technology help the process needed for globalization. Many countries and organizations similarly are affected by this phenomenon, on the other hand, smaller countries have benefited from larger contributors to the world’s market.