Question
Identify the correct statement.
The correct answer is
The European Union, including European Monetary Union, was the biggest and most important regional integrative scheme.
Regional Integration Scheme Analysis
This question asks to identify the correct statement regarding major regional integration schemes.
Option Analysis
- Option 1: Incorrect. The Maastricht Treaty (1992) established the European Union (EU) and significantly reformed the European Communities (EC). It did not rename the European Community (EC) as the European Economic Community (EEC). The EC existed as a pillar within the newly formed EU.
- Option 2: Incorrect. The primary goal of the ASEAN Free Trade Area (AFTA), established in 1992 (implemented later), was to reduce intra-regional tariffs and non-tariff barriers to trade in goods, boosting regional economic competitiveness. While it fosters cooperation, softening restrictions on professional movement wasn't its main objective.
- Option 3: Incorrect. The South Asian Association for Regional Cooperation (SAARC) was founded in 1985 and currently includes eight member states: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. The statement incorrectly identifies the number of member countries as six.
- Option 4: Correct. The European Union (EU), particularly with advancements like the European Monetary Union (EMU) creating the Euro, represents the deepest and most comprehensive form of regional integration globally, encompassing economic, political, and social dimensions. It is widely regarded as the biggest and most significant regional integrative scheme.
Conclusion
Based on the factual analysis of each statement, Option 4 accurately describes the significance of the European Union as a regional integrative scheme.
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Important Questions from Regional Economic Integration
The headquarters of the ASEAN is located in which of the following country?
Mercosur, a South American Trade block is a :
Grouping of countries commited to remove all barriers to the free flow of goods and services between themselves and also pursue independent external trade policies is called
- SAFTA (South Asian Free Trade Agreement) categorises member nations as Non-Least Developed Contracting States (NLDCS) and Least Developed Contracting States (LDCS). Identify the NLDSC states from the following
A. Bangladesh
B. Pakistan
C. Bhutan
D. India
E. Sri Lanka
Choose the correct answer from the options given below: - Common market achieves uniformity in monetary policy and fiscal policy among the member countries in __________.
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