Answer to Question #294934 in Political Science for Jack

Question

“Caricom promoting economic integration”

Write an essay on the above topic. In your essay define the term economic integration, in relation to Caricom. Then state 2 possible factors that promote trade among Caricom countries may benefit from buying one another

suggest 3 strategies apart from trading with each other that Caricom countries may use to make economic integration more effective. Explains fully why each strategy you have suggested is likely to be successful. This essay should be no less than 600 words

Answer 1

CARICOM Elections The Economy and the Single Market (CSME) Economic integration is the process by which countries agree to eliminate economic barriers between themselves. This indicates that the integrating states would effectively merge into a single country, resulting in total integration.A free trade area is a group of countries that have agreed to establish a free trade market amongst them. Import and export duties will be minimal, if at all, in certain markets. There will also be no pricing limitations implemented. Free trade zones have the advantage of allowing countries to stop vying for market share on some products and instead focus on the products that they are best prepared to produce or resources that they alone possess. Consumers benefit from this as well, as they acquire higher-quality products at a lesser cost.

The economies of the nations that participate in the accords can increase as a result of the free trade agreements. Furthermore, free trade encourages countries' businesses to become more competitive, fostering innovation and avoiding stagnation. Between countries that participate in free trade zones, there is also a major transfer of technological and intellectual information. CARICOM still confronts numerous issues, including "regional governance, institutional political representation, and non-automaticity of supporting regional organizations," to name a few. Due to these obstacles, trade improvements have been modest.