See more ideas about quilts, quilt blocks, quilting designs. Companies in some of the member states that subscribed to the NAFTA agreement also got subjected to highly competitive market environments that required them to improve their level of efficiency. Explore AnitaPardue's board 'quilts - X-Block template patterns', followed by 218 people on Pinterest. The NAFTA agreement, for example, led to the exportation of a huge number of jobs from the United States to Canada. In some cases, member states may be compelled to replace low-cost suppliers with high-cost suppliers who are associated with the regional trading bloc. One of the drawbacks is that costly domestic producers may end up being replaced by cheaper alternatives from neighbouring countries and this may lead to job loss and hence an increase in unemployment rates. There are, however, some drawbacks associated with the creation of regional trading blocs. Healthy relationships among the member states, in turn, lead to peace and stability within the region. Fourth, regional economic integration also generates a strong foundation for political cooperation among the participating countries. Third, regional economic integration creates an opportunity for member states to advance by learning from other countries.
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Secondly, all countries that are involved in free trade get their economies stimulated, and this eventually enables member states to reap greater benefits from trading activities.
This eliminates competition and makes it possible for member countries to offer high-quality products and services. First, regional trading blocs make it possible for countries to focus on supplying the market with goods and services they can produce best. Under the common market, no trade barriers exist among the member states while under economic union, the free flow of products and factors of production is highly encouraged among the participating countries.įrom the examples given above, there are several reasons for supporting the creation of regional trading blocs. Others include common markets and economic union. The use of custom unions such as Andean Pact is another approach that focuses on eradicating possible barriers between member states. Examples include the European Free Trade Association (EFTA) and the North American Free Trade Agreement (NAFTA). Free trade area, for example, encourages the removal of barriers that are encountered with regards to the trading of goods and services among member states. We will write a custom essay specifically for you for only $16.05 $11/page Learn more Arguments for and against the Creation of Regional Trading Blocsĭifferent approaches to regional economic integration offer different benefits to participating countries.
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