Essay about Regional Integration in the Asia-Pacific Region

Essay about Regional Integration in the Asia-Pacific Region

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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...

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