We can describe integration as a scale, with 0 representing no integration at all between two or more countries. Regional integration in the form of NAFTA brought many economical and political advantages to Mexico. Thank you for participating in this survey! Musa Ali Esq. Low levels of production and productivity 5. "The CARICOM Single Market and Economy (CSME) has for years been touted as the most critical pillar in Caribbean regional integration. regional integration has most certainly begun, but it is not as far advanced as in other parts of the world. Global data and statistics, research and publications, and topics in poverty and development. Then, give THREE reasons why cooperation in … It is important to capitalize on this momentum. Some regional authorities attribute the slow pace of implementation to a “crisis of will,” as much as to wasteful duplication and slow progress in harmonizing legal and institutional frameworks and to binding resource/capacity gaps. REGIONAL INTEGRATION PAST PAPER QUESTIONS 1 Q1: May 2008, Q6: THE IMPORTANCE OF REGIONAL COOPERATION Write an article for a newspaper on the above topic. "The CARICOM Single Market and Economy (CSME) has for years been touted as the most critical pillar in Caribbean regional integration. The purpose of this study is to analyse the Caribbean regional integration process, to help identify options for moving it forward. 1. © 2020 International Monetary Fund. Addressing impediments to institutional integration by harmonizing and rationalizing institutions and processes across the region and resolving resource/capacity constraints; Facilitating an equitable distribution of benefits through well-structured, adequately-resourced mechanisms to help realign national and regional interests; Enhancing functional policy coordination in the areas of common challenges, including building climate resilience, containing violent crime, and coordinating tax policies and systems to limit harmful competition; and. Why has progress in regional integration been slow for the Caribbean? Regional Integration. Trade gains are one of the major advantages of regional integration for individual member states. Regional Integration is when an economic alliance or trade agreement is formed among countries that are located geographically close to one another. Regional integration increase a nation economic activities overall, which in turn raises GDP and can provide better living standards for all citizens within the regional block. Regional Integration in the Caribbean. Islands of the Lesser Antilles 7. Groups will then share their answers with the class to foster a discussion. In various ways, these agreements make … While these economies’ small size and supply constraints may potentially limit benefits from economic integration, acting as a group can enhance the scale, bringing widespread benefits and helping the region further tap into global value chains. INTRODUCTION Regional economic integration has a fairly long history in virtually all parts of Sub-Saharan Africa (SSA). Small economies often lack the resources to make large public investments. Definition A number of groups ,societies or countries within an area joining together to cooperate and operate under one system or as one group 3. Thirdly, education and cultural exchanges have the potential to enhance regional integration for the benefit of all members. Kenneth Hall and Myrtle Chuck-A-Sang, 34–67. . The Caribbean Community (CARICOM) is comprised of twenty countries (fifteen Member States and five Associate Members), mostly island states in the Caribbean stretching from the Bahamas in the north to Suriname and Guyana in South America. Differing export/production structures and income and development levels make it challenging to harmonize economic and structural policies around well-integrated policy frameworks. While policymakers of the Caribbean Community (CARICOM) remain committed to further integration and progress has been made, the implementation of integration initiatives and policies toward the goal of a regional economic union has been slow and needs to be accelerated. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. The Southern African region provides a good example of what has been achieved so far on the continent. These divisions are a constraint to economic growth, especially in developing countries. . Regional integration has been considered an important and successful tool of economic growth and development. Environmental and Social Policies for Projects. Explanation: Students will be paired and given handouts highlighting areas of regional integration in the Caribbean. Regional integration within the Caribbean has taken on many perspectives, namely political, economical and social. This is a video giving information on The Benefits of Regional Integration , under the topic Challenges and Opportunities of Regional Integration. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The authors lay out key priorities to promote sustainable growth in the Caribbean and other small economies: You have clicked on a link to a page that is not part of the beta version of the new worldbank.org. Students are expected to read through the handout together and identify at least two areas of regional integration in the Caribbean. Ten would represent complete integration between two or more countries. This is a video giving information on The Benefits of Regional Integration , under the topic Challenges and Opportunities of Regional Integration. Google Scholar ———. Because these are small economies, diversifying sources of growth and revenue is difficult, which makes them particularly vulnerable to trade volatility”, said Francisco Carneiro, World Bank Lead Economist for the Caribbean. Printed in the United States of America: Trafford Publishing. A new World Bank study “Open and Nimble: Finding Stable Growth in Small Economies” shows that economic size measured by the size of working age population does not matter to the development and economic growth of countries in Latin America and the Caribbean. Google Scholar. The integration indices, which measure the degree of intraregional economic and institutional integration, suggest that Caribbean community’s integration has proceeded in several waves, with periods of integration followed by slowdowns in progress, including in removing remaining tariff and non-tariff barriers to trade and constraints on intraregional labor movement. Small size, small national markets 2. Experience elsewhere shows that regional integration also strengthens the ability of countries to cope with negative shocks. Therefore in order to fully understand and appreciate the importance of these efforts at integration, , a review at all levels is important. Blank Map of the Caribbean 4. “Being more nimble can help them remain competitive when facing external shocks. What is in it for CARICOM? The Options of Caribbean Regional Integration in the 21st Century By Desmond Thomas Guyana Journal, December 2008 Allow me to congratulate the organizers of this conference series, and to commend this initiative to mount a conference series to discuss important development themes. March 29, 2017. Regional integration 1. Benefits: Creation of trade and more jobs. The organisation was established in 1973. Before you leave, we’d love to get your feedback on your experience while you were here. Some of which are: Benefits of free trade The reduction of the price of goods, due to the removal of duties, taxes, quotas and licensing arrangements, have all contributed to generating a greater volume of trade. Explanation: Students will be paired and given handouts highlighting areas of regional integration in the Caribbean. 3 Theoretical arguments and historical experience suggest that nondiscriminatory free trade is the “first best” policy option, both from global and individual country perspectives. Small size, small national markets 2. All rights reserved. Encourages a greater consensus, and allows for political cooperation. In addition to the several benefits that highly competitive sport can have on the region as a whole, it can also have a positive impact on individuals in society as participation in sporting activities can lead to a greater awareness for the need to be physically fit and can promote the need for healthy lifestyle choices, which is overlooked in the Caribbean. Thank you for agreeing to provide feedback on the new version of worldbank.org; your response will help us to improve our website. On 4 July 1998, the Caribbean Community (CARICOM) celebrated its twenty-fifth anniversary. Besides the European Union, other trade-related regional integration policies include numerous agreements in Africa: for example, the Southern African Customs Union Agreement, the Multilateral Monetary Agreement and the Indian Ocean Commission. ensuring financial stability in an increasingly more interconnected financial system. Labeled Map of the Caribbean 5. Major challenges facing the Caribbean Region 1. For this reason, and since CARICOM offers a unique example of moving from a free trade area to a customs union, this aspect of Caribbean integration will be our major focus. “The analysis shows that while small economies are more open to trade and foreign investment, and highly specialized in their export sectors, they are also more nimble and able to change the structure of their economies and exports overtime”, said Daniel Lederman, World Bank Deputy Chief Economist and lead author of the report. Chapter 4 unravels the challenges in using history as a springboard towards integration in the Caribbean and why other drivers such as culture, technology, and academia stand as important bearers in forging a united Caribbean. “Tourism is the most important industry in the OECS, ranging from 26 percent of GDP in St Vincent and the Grenadines to 74 percent of GDP in Antigua and Barbuda. Will you take two minutes to complete a brief survey that will help us to improve our website? BENEFITS OF REGIONAL INTEGRATION There are many beneficial factors which have been produced due to regional integration of the Caribbean states. The study also provides policy recommendations to ensure the region is better positioned to take advantage of trade liberalization and make its benefits more tangible to citizens. Improving regional integration in the Caribbean can help the region’s small-size economies build greater resilience and scale, as well as enhance bargaining power on the global stage. The World Bank Group works in every major area of development. These divisions are a constraint to economic growth, especially in developing countries. Closer to home there is ALBA, formally the Bolivarian Alliance for the Peoples of Our Americas an intergovernmental organization based on the idea of the social, political and economic integration of the countries of Latin America and the Caribbean. Low levels of production and productivity 5. 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