Which of the following is not a form of economic integration in the context of intra-regional trade ?
African Union
Bela Balassa’s classification lists the forms (stages) of economic integration in rising order: preferential trade area, free trade area, customs union (free internal trade plus a common external tariff), common market (free movement of factors as well), economic union (harmonised economic policies) and complete economic integration.
A customs union and an economic union are forms in this ladder. The European Union is the standard example of an economic union, and with the euro an economic and monetary union, so it is treated as representing a form of integration.
The African Union, established in 2002 as successor to the Organisation of African Unity, is a continental political organisation concerned with peace, security, governance and cooperation among member states. It is a body, not a form or stage of economic integration; trade integration in Africa is pursued mainly through regional economic communities.
Hence, African Union.
Similar Questions
The Maastricht Treaty of February, 1992 renamed the European Community (EC) as :
A common market is one where :
From the following, identify the trading blocks in the world and choose the correct code :
(a) European Union
(b) North American Free Trade Agreements
(c) South Asian Association of Regional Co-operation
(d) Central American Common Market
(e) Central African Customs Union
Codes :
Match the items of List – I with List – II :
List – I (International Economic Groups) List – II (Year of Establishment) a. European Union (EU) i. 1973 b. European Free Trade Association (EFTA) ii. 1992 c. Caribbean Community (CARICOM) iii. 1985 d. South Asian Association for Regional Cooperation (SAARC) iv. 1960 Codes :
a b c d
Match the items of List - I with the items of List - II and select the correct answer with the codes given below :
List - I List - II (a) SAARC (i) Philippines (b) ASEAN (ii) Canada (c) EU (iii) Afghanistan (d) NAFTA (iv) Hungary Codes :
(a) (b) (c) (d)
Important Questions from Regional Economic Integration
- 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 __________.
- Identify the correct statement.
- Match List-I with List-II relating to benefits and cost of economic integration and identify the code representing correct matching.Codes :
List – I List – II a. Trade creation i. Movement of production and resources in opposite directions. b. Trade diversion ii. Become active when a member country does not augment export but simply shifts its imports from low cost source to high cost source. c. Trade deflection iii. Shifting the locus of production from high cost to low cost centre within the union. d. Polarisation forces iv. Goods produced in a third country entering a free trade area through a member country having lower tariff. - What is the situation referred to as, amongst the following, when intra-region trade is duty free but there is variation in tariff structure for import from a third country ?
