9 DRC is member to at least 4 REC’s. Table 2 provides one such evaluation from the World Economic Forum’s Global Competitiveness report based on a survey of global business leaders’ perceptions and available hard data on ports. The major strategic risks they identify are: the possibility of disruption to energy exports from the Arabian Gulf and Iran to the rest of the world, the risk of an open conflict between India and Pakistan, security threats to the key shipping lanes that pass through the Indian Ocean, and the possibility of military confrontation between major powers in the Indian Ocean. Another step would be to encourage linking the various sub-regional and bilateral FTAs in the region to a mega-regional trade agreement with common trade rules and standards. Benefits Of Regional Economic Integration. Free trade area. I have read and accept the terms and conditions, View permissions information for this article. Large reserves of hydrocarbons are being tapped in the offshore areas of Saudi Arabia, Iran, India, and Western Australia. The East Asia and Pacific sub-region contributed 5.1 per cent of global GDP in 2017, while South Asia, and the Middle East and Africa, contributed 3.8 per cent and 1.8 per cent, respectively. i DECLARATION I declare that this is my … Bangkok 10330, THAILAND The Challenges and Prospects for Regional and Economic Integration in West Africa. Political motives, geography, and the uneven distribution of gains trumped the traditional efficiency gains across Africa’s Regional Economic Communities (RECs). A value of 7 in the scoring system used shows the best possible situation and 1 the worst. Meanwhile, the importance of trade within sub-regions has remained largely static. As Figure 7 shows, weighted tariffs are higher in South Asia than in the other two sub-regions. In March 2018, The UN classified 10 regional economies across the three sub-regions as LDC including Bangladesh, Cambodia Comoros, Madagascar, Mozambique, Myanmar, Somalia, Tanzania, Timor-Leste and Yemen.99https://www.un.org/development/desa/dpad/least-developed-country-category/ldcs-at-a-glance.html LDCs face significant structural impediments to sustainable development and typically have lower per capita incomes than other regional economies. The fifth is how to avoid a technocrat-led process and promote instead the democratization of decision-making in all areas of the economy. Furthermore, while IORA and regional institutions without a trade agreement, promote cooperation on trade facilitation and other forms of technical cooperation, multiple priority areas and limited resources mean the scope of these activities varies significantly. Let me mention some of these challenges to contemporary regionalism in Latin America and other parts of the South. History shows that many states across the globe enter into regional agreements for economic purposes. The sixth section concludes with policy implications. It includes small island states, such as the Comoros and the Maldives, as well as some of the world’s most populated economies such as India and Indonesia. This site uses cookies. International relations and its sub-field of international security studies typically views the Indian Ocean economy as a major conduit for international trade, especially energy and as a significant source of fishing and mineral resources. A few Indian Ocean countries are also included in cross-regional institutions like Asia-Pacific Economic Cooperation (APEC). This is due to the importance of its maritime trading and communications routes, as well as the rich natural resources of many of its littoral states. Research has also looked at the specific economic cost of non-traditional security threats in the Indian Ocean, particularly piracy off the coast of Somalia. By Akbayan Representative Walden Bello* (Speech at the Conference on “Regional Integration: an Opportunity Presented by the Crisis,” Universidad de Deportes, Asuncion, Paraguay, July 21-22, 2009.) A. Cumbers, in International Encyclopedia of Human Geography, 2009. 11A full assessment of regional organisations in the Indian Ocean is available in Wignaraja Collins, and Kannangara (2018). While there is no agreed definition of this concept (Doyle, 2018, p. 1), environmental sustainability is a central focus. Nonetheless, the numbers of NTMs initiated and notified to the WTO by Indian Ocean economies increased steadily from 128 to 348 between 2000 and 2010 and still further to 686 in 2017.66LKI calculations based on WTO (2018). Available online: https://www.worldatlas.com/articles/the-oceans-of-the-world-by-size.html (accessed on 26 July). The Indian Ocean is an increasingly important component of the world economy. Gamage (2016) and Hussain, Failler, Karim, and Alam (2017) explore the use of this idea in Southeast Asia and Bangladesh, respectively. This trend … (2015) provide a broad analysis of the importance the blue economy’ in the Indian Ocean region in terms of food security, a basis for tourism, a basis for trade and as an alternative energy source, as well as the challenge of exploiting shared ocean resources in a sustainable manner. Regional trade arrangements also played a role. This is the most basic form of economic cooperation. It argues that the less than satisfactory progress in regional integration is due to a combination of factors that include poor economic and political governance, nationalist rivalry, mono-cultural agro-based economies, debt and dependency on the West, lack of financial … Container traffic through its ports has increased fourfold from 46 million TEUs in 2000 to 166 million TEUs in 2017, and is on course to reach over 190 million TEUs by 2020 (see Figure 2). The e-mail addresses that you supply to use this service will not be used for any other purpose without your consent. The challenges confronting us today cannot be met by either neoliberalism or the old developmentalist model. Contact us if you experience any difficulty logging in. March 2009. Civil society must not only provide a check to both the state and the market, but it must be the leading force in the new economics. Policy makers, leading economists and CMI program leaders examined the main lessons and findings from the European growth model and the realities of interdependencies between both rims of the Mediterranean. A classic hub and spoke network of some 11 regional institutions and FTAs are involved in governing the Indian Ocean economy and furthering regional economic integration. It focuses on the strategic risks that threaten the economy’s security and, therefore, could ultimately undermine its economic prosperity. 5The simple average tariff level is the unweighted average of the effectively applied tariff rates for all products. Some of the disadvantages of regional economic integration include a shifting of the workforce, less efficiency in trade, creation of trade barriers to non-members and loss of sovereignty to some extent.
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