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Integration is a political and economic agreement among countries that gives preference to member countries to the agreement. [1] General integration can be achieved in three different approachable ways: through the World Trade Organization (WTO), bilateral integration, and regional integration . [ 1 ]
Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. The objectives of the agreement could range from economic to political to environmental, although it has typically taken the form of a political economy initiative where commercial interests are the focus for achieving broader socio ...
A bilateral free trade agreement is between two sides, where each side could be a country (or other customs territory), a trade bloc or an informal group of countries, and creates a free trade area.
An example is the "hub and spokes" reference, where the U.S. is the "hub" and the East Asian countries are the "spokes"; they each have a connection with the U.S. but not with each other. [ 4 ] [ 5 ] There are multiple factors that are unique when discussing why the United States has chosen to form bilateral relations particularly with East ...
A bilateral development bank is a financial institution set up by one individual country to finance development projects in a developing country and its emerging market, hence the term bilateral, as opposed to multilateral. Examples include:
Economies of scale is also a justification for economic integration, since some economies of scale may require a larger market than is possible within a particular country — for example, it would not be efficient for Liechtenstein to have its own car maker, if they would only sell to their local market. A lone car maker may be profitable ...
European integration is the process of political, legal, social, regional and economic integration of states wholly or partially in Europe, or nearby. European integration has primarily but not exclusively come about through the European Union and its policies, and can include cultural assimilation and centralisation .
Bilateral investment treaties deal primarily with the admission, treatment and protection of foreign investment. They usually cover investments by enterprises or individuals of one country in the territory of its treaty partner. Preferential trade and investment agreements are treaties among countries on cooperation in economic and trade areas.