- Published: September 28, 2022
- Updated: September 28, 2022
- University / College: Swinburne University of Technology
- Language: English
- Downloads: 21
This paper tends to discuss the importance of the economic and political arguments regarding with the regional economic integration. In addition, this paper also tends to explain why people don’t recognize and see the integration in the Global or world economy. The current issue on the regional economic integration around the world now is all about the strict political system of the trade system in different countries around the world’s continents.
This statement can be given proof by the fact in which America is at the risk of having loss of $25 billion worth of their yearly export because of the close political system of the Asian countries (ten, 2007). The political system which imposes discrimination toward those other countries excluded in their certain trade agreements will eventually and definitely cause a big impact in the economical issues of those said countries.
Meaning to say, because of the political factor that manipulates the trade system around the world such as placing high tariffs and/or stating an Asian-only or Eropean-only trade, the economical system of the other countries which are excluded in the system suffers the consequence of economic risks (ten, 2007). In this issue, people could not clearly see the integration that’s happening in the world economy because of the different country’s self reliance attitude. Other countries develop their selves alone and thus they tend not to seek trade or other needs from the other countries and therefore economical development happens individually.
This act leads the countries into substantial and qualitative gap between each other and therefore creates such conflict instead of integration(ten, 2007). In the process of building world integration, different countries in the world should not exaggeratedly use their political system to the extent that other countries may be banded or excluded in the trade. This is to gain benefit and united advantages from each other that will cause both political advantage and economical growth.
