People walk by a waterfront in St. George's, Grenada, which has been a member of the Caribbean Community (CARICOM) since 1974 (photo: iStock/oriredmouse). Regional integration in the form of NAFTA brought many economical and political advantages to Mexico. In Southern Africa in particular, with its comparatively small economies, r egional integration was meant to play a crucial role in pursuing common stratgic interests for the successful economic development of the countries involved. AEC will permit simple movement of services, goods, capital, investment, and … This is a video giving information on Factors Promoting Regional Integration, under the topic Challenges and Opportunities of Regional Integration. The World Bank Group helps its client countries to promote regional integration through common physical and institutional infrastructure. Some of which are: Benefits of free trade The reduction of the price of goods, due to the removal of duties, taxes, quotas and licensing arrangements, have all contributed to generating a greater volume of trade. In the wake of its historic anniversary, many have reflected on the Community's past achievements and future prospects. The Options of Caribbean Regional Integration in the 21st Century By Desmond Thomas Guyana Journal, December 2008 Allow me to congratulate the organizers of this conference series, and to commend this initiative to mount a conference series to discuss important development themes. The purpose of this study is to analyse the Caribbean regional integration process, to help identify options for moving it forward. Environmental and Social Policies for Projects. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. We can describe integration as a scale, with 0 representing no integration at all between two or more countries. April 1, 2011, Harri Daniel, 1 Comment. Therefore in order to fully understand and appreciate the importance of these efforts at integration, , a review at all levels is important. This page in: English; Español; Email; Print; Tweet; Share; Share WASHINGTON, March 30, 2017 – New World Bank analysis launched today at a conference co-organized with the Miami Herald “The Caribbean Dilemma” highlights common challenges faced by small economies and identify shared … One benefit to regional integration in the Caribbean is the fact that the regions will have more resources. Panel Discussion at the Havana International Book Fair, Havana, Cuba, February 11, 2012. Cons: Lowers sovereignty, shift of employment, inefficient trade diversion from productive exporters to less capable exporters. Unemployment and underemployment 4. CARIBBEAN COMMUNITY – BENEFITS AND CHALLENGES OF REGIONAL INTEGRATION Presented by: Barry Headley, Senior Economist . “Tourism is the most important industry in the OECS, ranging from 26 percent of GDP in St Vincent and the Grenadines to 74 percent of GDP in Antigua and Barbuda. In Regional Integration: Key to Caribbean Survival and Prosperity, ed. This … On 4 July 1998, the Caribbean Community (CARICOM) celebrated its twenty-fifth anniversary. Will you take two minutes to complete a brief survey that will help us to improve our website? The authors lay out key priorities to promote sustainable growth in the Caribbean and other small economies: You have clicked on a link to a page that is not part of the beta version of the new worldbank.org. The integration indices, which measure the degree of intraregional economic and institutional integration, suggest that Caribbean community’s integration has proceeded in several waves, with periods of integration followed by slowdowns in progress, including in removing remaining tariff and non-tariff barriers to trade and constraints on intraregional labor movement. Ten would represent complete integration between two or more countries. Some of the advantages are, Some of the advantages are, * Foreign Direct Investments (FDI) stimulates economic growth through the sharing of technology, marketing channels, managerial know-how and to the member nations Benefits Of Regional Economic Integration. * August 2006 Abstract Economic and political integration have been a perennial and neuralgic issue in the Caribbean agenda. A number of leaders called for the integration of Africa already soon after independence, but it was only in the 1970s and 1980s that concrete steps were taken to re-launch or … • Benefits of regional integration • The role of individuals, businesses and government in the integration process • The role of regional agencies in the integration process. Regional integration leads to cultural centralization, which can result in the loss of unique cultures within a region. For instance, the European Union only considers a few languages as official means of communication, leaving out languages used by remote communities in Europe, such as Breton, Welsh and Frisian. Their mission is be a major regional institution contribution to the sustainable development of the OECS Member states by assisting them to maximizes the benefits from their collective space, by faciliting their intelligent integration with the global economy (Lindsey, 2013, p56). Small economies often lack the resources to make large public investments. Regional integration helps countries overcome divisions that impede the flow of goods, services, capital, people and ideas. Google Scholar ———. It is important to capitalize on this momentum. Improving regional integration—for instance, through more intraregional trade and policy coordination—can help the region’s small-size economies build greater resilience and scale, as well as enhance bargaining power on the global stage. In addition to the several benefits that highly competitive sport can have on the region as a whole, it can also have a positive impact on individuals in society as participation in sporting activities can lead to a greater awareness for the need to be physically fit and can promote the need for healthy lifestyle choices, which is overlooked in the Caribbean. Definition A number of groups ,societies or countries within an area joining together to cooperate and operate under one system or as one group 3. The IMF Press Center is a password-protected site for working journalists. Their mission is be a major regional institution contribution to the sustainable development of the OECS Member states by assisting them to maximizes the benefits from their collective space, by faciliting their intelligent integration with the global economy (Lindsey, 2013, p56). Some regional authorities attribute the slow pace of implementation to a “crisis of will,” as much as to wasteful duplication and slow progress in harmonizing legal and institutional frameworks and to binding resource/capacity gaps. Benefits of Regional Economic Integration. The main theme running through the idea of regional integration is co-operation. It can also help restructure economies from contracting to expanding sectors, resulting in a net employment gain across the region. Thirdly, education and cultural exchanges have the potential to enhance regional integration for the benefit of all members. Small size, small national markets 2. Regional Integration in the Caribbean. This paper draws on the literature on trade, growth and regional agreements to discuss the motivation behind the Caribbean drive for integration, the results obtained so far and what is in stock for the future. The first movement toward integration, the West Indian Federation began in 1958, but subsequently failed in 1960. Regional integration increase a nation economic activities overall, which in turn raises GDP and can provide better living standards for all citizens within the regional block. Besides the European Union, other trade-related regional integration policies include numerous agreements in Africa: for example, the Southern African Customs Union Agreement, the Multilateral Monetary Agreement and the Indian Ocean Commission. Kenneth Hall and Myrtle Chuck-A-Sang, 34–67. Where it all started . This is a video giving information on The Benefits of Regional Integration , under the topic Challenges and Opportunities of Regional Integration. For this reason, and since CARICOM offers a unique example of moving from a free trade area to a customs union, this aspect of Caribbean integration will be our major focus. This is a particularly relevant benefit for the Caribbean region where, as you know, the impact of shocks can be devastating for any single economy. WASHINGTON, March 30, 2017 – New World Bank analysis launched today at a conference co-organized with the Miami Herald “The Caribbean Dilemma” highlights common challenges faced by small economies and identify shared solutions to generate sustainable growth in the region. At a time when momentum for economic integration seems to have stalled, close cooperation in high priority areas for the region can help demonstrate benefits of coordinated action and serve as a building block to the ultimate goal of full integration. "The CARICOM Single Market and Economy (CSME) has for years been touted as the most critical pillar in Caribbean regional integration. On 4 July 1998, the Caribbean Community (CARICOM) celebrated its twenty-fifth anniversary. • Benefits of regional integration • The role of individuals, businesses and government in the integration process • The role of regional agencies in the integration process. In addition to the several benefits that highly competitive sport can have on the region as a whole, it can also have a positive impact on individuals in society as participation in sporting activities can lead to a greater awareness for the need to be physically fit and can promote the need for healthy lifestyle choices, which is overlooked in the Caribbean. The purpose of this study is to analyse the Caribbean regional integration process, to help identify options for moving it forward. Hendrikstraat 69, Paramaribo, Suriname . In the case of both the European Union and the East African Community there are three outstanding benefits that regional integration can bring. All rights reserved. While policymakers of the Caribbean Community (CARICOM) remain committed to further integration and progress has been made, the implementation of integration initiatives and policies toward the goal of a regional economic union has been slow and needs to be accelerated. Students are expected to read through the handout together and identify at least two areas of regional integration in the Caribbean. This in turn will help to inform future strategic engagement by different stakeholders with a view to facilitating and assisting in the development of the regional integration agenda, by: 1. Major challenges facing the Caribbean Region 1. Regional Integration: Concepts, Advantages, Disadvantages and Lessons of Experience1 1. Regional Integration. Regional integration leads to cultural centralization, which can result in the loss of unique cultures within a region. These divisions are a constraint to economic growth, especially in developing countries. Benefits of Regional Economic Integration. www.jamaicaobserver.com/columns/Caribbean-integration-in-shackles_16528… Regional Integration is when an economic alliance or trade agreement is formed among countries that are located geographically close to one another. BENEFITS OF REGIONAL INTEGRATION There are many beneficial factors which have been produced due to regional integration of the Caribbean states. Recent. What is in it for CARICOM? Differing export/production structures and income and development levels make it challenging to harmonize economic and structural policies around well-integrated policy frameworks. Blank Map of the Caribbean 4. A 25-percent reduction in non-tariff barriers and trade costs within CARICOM and vis-à-vis non-CARICOM trade partners can boost trade and improve welfare gain for all members—at about $6 billion, or 7.6 percent of the region’s GDP in 2018. The Southern African region provides a good example of what has been achieved so far on the continent. The main theme running through the idea of regional integration is co-operation. Compared to other well-integrated regions, like the ECCU and EU, the Caribbean lags. . Caribbean countries can benefit from more regional integration, World Bank Says. In fact, small economies such as Costa Rica and Caribbean countries have been more successful in reinventing themselves than larger economies”. CARICOM Competition Commission . Integration timeline West Indies Federation • 1958 to 1962 (British Caribbean Federation Act) • First … Regional integration in Southeast Asia (ASEAN): The impact and Implication. The World Bank Group helps its client countries to promote regional integration through common physical and institutional infrastructure. Chapter 4 unravels the challenges in using history as a springboard towards integration in the Caribbean and why other drivers such as culture, technology, and academia stand as important bearers in forging a united Caribbean. , Registrar . Yet, for years, the implementation of the CSME stalled due to the absence of a common view as to its feasibility, the speed of its implementation, the institutional capacity, programming for public education and ultimately, its benefits. REGIONAL INTEGRATION PAST PAPER QUESTIONS 1 Q1: May 2008, Q6: THE IMPORTANCE OF REGIONAL COOPERATION Write an article for a newspaper on the above topic. Before you leave, we’d love to get your feedback on your experience while you were here. December 15, 2014 . Addressing impediments to institutional integration by harmonizing and rationalizing institutions and processes across the region and resolving resource/capacity constraints; Facilitating an equitable distribution of benefits through well-structured, adequately-resourced mechanisms to help realign national and regional interests; Enhancing functional policy coordination in the areas of common challenges, including building climate resilience, containing violent crime, and coordinating tax policies and systems to limit harmful competition; and. In the wake of its historic anniversary, many have reflected on the Community's past achievements and future prospects. Regional integration usually begins with economic integration and as it continues, comes to include political integration. Return – voluntary and forced – of Caribbean migrants to the region is signalled as a growing trend (Thomas-Hope, 2005). Regional integration usually begins with economic integration and as it continues, comes to include political integration. Because these are small economies, diversifying sources of growth and revenue is difficult, which makes them particularly vulnerable to trade volatility”, said Francisco Carneiro, World Bank Lead Economist for the Caribbean. In the absence of a facilitating regional architecture, cooperation must rely on well-aligned national interests and shared goals, but national incentives do not seem to be well-aligned for integration, with its potential benefits perceived by some as uncertain, potentially uneven, and only materializing over a long horizon. Then, give THREE reasons why cooperation in … Students are expected to read through the handout together and identify at least two areas of regional integration in the Caribbean. Improving regional integration in the Caribbean can help the region’s small-size economies build greater resilience and scale, as well as enhance bargaining power on the global stage. March 29, 2017. That is, regional integration should not be an end-goal, but a means to an end of deepening Caribbean integration into the global economy. Greater cooperation is the key to furthering regional integration in the Caribbean. Trade gains are one of the major advantages of regional integration for individual member states. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. While these economies’ small size and supply constraints may potentially limit benefits from economic integration, acting as a group can enhance the scale, bringing widespread benefits and helping the region further tap into global value chains. Low levels of production and productivity 5. Regional integration helps countries overcome divisions that impede the flow of goods, services, capital, people and ideas. What are the pros and cons of Regional integration? The Caribbean and Cuba: Cuba and the Caribbean: A Reflection. Past efforts at regional integration have often focused on removing barriers to free trade in the region, increasing the free movement of people, labour, goods, and capital across national borders, reducing the possibility of regional armed conflict (for example, through Confidence and Security-Building Measures), and adopting cohesive regional stances on policy issues, such as the environment, climate change and … Regional economic integration refers to the agreement amongst countries within a certain geographic area for reducing and ultimately removing tariff barriers, making sure there is better flow of services or goods through the respective nations. Musa Ali Esq. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. 3 Theoretical arguments and historical experience suggest that nondiscriminatory free trade is the “first best” policy option, both from global and individual country perspectives. Benefits: Creation of trade and more jobs. The integration of deported and returned migrants. Regional integration in Southeast Asia (ASEAN): The impact and Implication. Major challenges facing the Caribbean Region 1. Labeled Map of the Caribbean 5. Google Scholar. Groups will then share their answers with the class to foster a discussion. “The analysis shows that while small economies are more open to trade and foreign investment, and highly specialized in their export sectors, they are also more nimble and able to change the structure of their economies and exports overtime”, said Daniel Lederman, World Bank Deputy Chief Economist and lead author of the report. Regional integration is an arrangement where countries in the same region enter into an agreement to enhance economic cooperation through agreed institutions and rules, focused on removing barriers to free trade in the region, increasing the free movement of people, labour, goods, and capital across national borders. Global data and statistics, research and publications, and topics in poverty and development. Financial integration has proceeded faster with tightly-interconnected financial systems across the region, but capital markets remain underdeveloped and fragmented. Ten would represent complete integration between two or more countries. IMF Members' Quotas and Voting Power, and Board of Governors, IMF Regional Office for Asia and the Pacific, IMF Capacity Development Office in Thailand (CDOT), IMF Regional Office in Central America, Panama, and the Dominican Republic, Financial Sector Assessment Program (FSAP), Currency Composition of Official Foreign Exchange Reserves. Lack of diversification 3. An assessment of the economic costs and benefits of regional integration depends on the yardstick against which these are judged. CARICOM is one of the oldest integration schemes in the Western Hemisphere, the largest in terms of membership, yet by far the smallest in economic and geographic terms. Benefits of Regional Integration Freedom of travel among islands and find work Improvement in the quality of life as a result of access to A variety of goods and services Been able to better compete internationally The development of various organization that Respond to the needs of each island Each island has more persons to sell its goods to apart from those within its own borders … The Caribbean region is particularly well placed to benefit from globalization. It was established by the English-speaking parts of the Caribbean in 1973 with the primary objectives to promote economic integration and cooperation among its members, ensure that the benefits of integration are equitably shared, and coordinate foreign policy. Islands in the Greater Antilles 6. According to the latest IMF research, further liberalizing trade and labor mobility in the region can generate significant economic benefits—potentially over 7 percent of the region’s GDP in 2018. For instance, the European Union only considers a few languages as official means of communication, leaving out languages used by remote communities in Europe, such as Breton, Welsh and Frisian. We can describe integration as a scale, with 0 representing no integration at all between two or more countries. The study also provides policy recommendations to ensure the region is better positioned to take advantage of trade liberalization and make its benefits more tangible to citizens. “Being more nimble can help them remain competitive when facing external shocks. Experience elsewhere shows that regional integration also strengthens the ability of countries to cope with negative shocks. In various ways, these agreements make … Title Regional Integration 2. Unemployment and underemployment 4. In your article, first identify TWO areas, apart from agriculture, in which CARICOM members cooperate. CARICOM is one of the oldest integration schemes in the Western Hemisphere, the largest in terms of membership, yet by far the smallest in economic and geographic terms. The authors lay out key priorities to promote sustainable growth in the Caribbean and other small economies: Deeper regional integration to allow cost sharing and risk pooling would promote stable growth. Investing in shared public services, such as a regional transportation infrastructure, would allow cost pooling and … Encourages a greater consensus, and allows for political cooperation. Co-operation in the home – sharing of household duties such as cooking, washing, cleaning, looking after the young or the aged etc. The World Bank Group works in every major area of development. Latin America and the Caribbean region saw faster economic and wage growth thanks to a lowering of trade barriers, a new report by the Inter-American Development Bank shows. Why has progress in regional integration been slow for the Caribbean? Cultural differences between and within states will continue to exist both in Europe and in East Africa. Lack of diversification 3. BENEFITS OF INTEGRATION INTEGRATION Harmonised laws and regulations Common trade policy Common External Tariff (CET) Free movement of … "The CARICOM Single Market and Economy (CSME) has for years been touted as the most critical pillar in Caribbean regional integration. These differences, however, should not be regarded as sources of conflict, but as sources of diversity, beauty and inspiration. This is a video giving information on The Benefits of Regional Integration , under the topic Challenges and Opportunities of Regional Integration. A new World Bank study “Open and Nimble: Finding Stable Growth in Small Economies” shows that economic size measured by the size of working age population does not matter to the development and economic growth of countries in Latin America and the Caribbean. Why did the EU form and what are its significant impacts? Islands of the Lesser Antilles 7. Regional Integration is when an economic alliance or trade agreement is formed among countries that are located geographically close to one another. Low levels of production and productivity 5. Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. A decision-making process based on unanimity principle, where each member retains its sovereign authority, also hinders progress. © 2020 International Monetary Fund. Small size, small national markets 2. 2012b. Is has been positive for Mexico because we have seen a reduction on poverty rates, real income rises, lower food prices. Another advantage of regional integration is that the effect of a large market will increase global competitiveness. A combination of institutional, political economy, and structural factors underlie the slower implementation of integration policies. The Caribbean economies have long recognized the value of working together. Tweet Append below in salient points the advantages and disadvantages of economic integration: Advantages Of Economic Integration Trade Creation: Member countries have (a) wider selection of goods and services not previously available; (b) acquire goods and services at a lower cost after trade barriers due to lowered tariffs or removal of tariffs (c) encourage more […] on the creation of benefits for the region and on the distribution of those benefits. “The Caribbean has tremendous economic potential and growth opportunities”, said Tahseen Sayed, World Bank Country Director for the Caribbean. The following article takes a look at the benefits of regional economic integration. Enhanced political cooperation With more resources the regions can compete globally. 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