Responses: Economic Integration
Hi Chantyll,
I agree with both the reasons you have provided as to why countries join a regional economic integration. You have also gone ahead to give some of the pros, such as an increase in job opportunities, which brings about peace and prosperity. However, you were also keen to note that economic integration could result in job losses as well. According to you, regional economic integration brings more harm to an individual country than benefits, the reason being the cons you highlighted. However, this is partly right and wrong. The benefits of being in an economic bloc surpass the disadvantages, and Britain’s move can be said to be an unfortunate case of a nation harboring interests not support by the region hence their exit. As CNN’s article you cited says, “The hard part comes next” it’s all eyes on Britain to see how the transition goes, and it will trade with EU member states after the transition period.
Hi Sang,
I agree with you about the reason why regional economic integrations do not seem to prosper in the world, mainly due to politics. Who would want to trade with a country who they are not in good terms politically? Another reason is sharing of resources with a less endowed nation is also not fair to some. I agree with you that, If the UK cannot negotiate a future for its citizens in the next 11 months, there could be irrevocable damages economically. Britain’s used to having goods and services for other European countries quickly and less expensive will have to pay more for the same products, or the products and services may completely lack. All this will depend on how the UK will negotiate its terms of trade before the transition period ends. This is the main disadvantage of not being in a regional economic bloc.