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–RANTS
Objectives:
ADVANTAGES OF REGIONALISM
1. More practical and feasible. Everybody would agree that multilateral agreements
are the preferred instruments for liberalize international trade. Such agreements
ensure a non-discriminatory approach which provides political and economic
benefits for all.
5. Positive Political Effect. Trade and Boarder economic integration has brought about
peace between neighbouring countries and thus has positive rather than negative
political effects. Trade and Boarder economic integration has created European
Union in which another war between Germany and France is literally possible.
6. Compatibility. The supporters of regionalism note that Article24 of the General
Agreement on Tariffs and Trade (GATT), and now the WTO, explicitly permits
regional agreements and thus acknowledges their compatibility with the
multilateral trading system. The major regional agreements have been largely
justified in claiming their full compatibility with the multilateral system.
DISADVANTAGES OF REGIONALISM
- Market integration associated with the cross- border, flow of capital, labor, and
technology within a specific area or region.
ADVANTAGES OF REGIONALIZATION
1. Firms are better able to understand the cultures, legal and social norms, and
other factors that are important for effective competition in those markets.
Regionalization is the term often employed to describe strategies focused on
regional or local scale. These may include monetary, product/service specific,
culture related strategies.
4. East Asian regionalization works through FTAs (free trade agreement) - the
global trend toward membership in regional groupings, increased access to
markets, and the expected positive impact on economic growth.
DISADVANTAGES OF REGIONALIZATION
3. Resistance to change.
References:
■ https://www.slideshare
■ https://www.piie.com
■ https://www.imf.org
■ https://kyotoreview.org/issue-4/economic-regionalization-in-east-asia/ and
Urata Shujiro. Economic Regionalization in East Asia.
■ https://kyotoreview.org/issue-4/economic-regionalizatio
■ Slideplayer.com
■ https://www.enotes.com/homework-help/what-regionalization-localization-
strategy-how-325321