Using ECOWAS as a Trading Bloc Discuss the Challenges that Coursework

Using ECOWAS as a craft Bloc Discuss the Challenges that Globalization Poses to Economic Integration - Coursework ExampleUsing ECOWAS as a craft block discuss the challenges that globalization poses to economical integration ECOWAS was established in 1975 in Lagos, Nigeria, with fifteen members fall in it utilizes three languages, English, Portuguese, and French. Its membership has remained stagnant, with only one additional member and one withdrawal. The main objective of ECOWAS is the forwarding of economic integration in agriculture, commerce, transport, and natural resources among others. Generally, ECOWAS countries enjoy let go movement of goods, which is tariff free, and therefore, reduction of parcel out barriers is evident among these countries. ECOWAS will be celebrating the 35th anniversary this year, with some of its achievements being suppression of custom duties and taxes, and economic growth. According to Mark, globalization can be defined as the process of conti nuous integration of countries globally, chiefly influenced by technological change and trade liberalization. Technological changes are evident with globalization trend indeed, value in transportation network and technology reduces the transportation costs. The existence of globalization has fostered international trade, which has led to intimacy acquisition, especially for African countries, and as a result, fostering development in these countries. However, globalization is also attended with various challenges, especially to economic integration. ... This paper will discuss the Challenges that globalization poses to economic integration use ECOWAS as a trading block. ECOWAS as a trading block Economic integration involves the abolishment of trade barriers, which include tariff and non-tariff barriers, with an ram of enhancing the flow of goods and run between member nations. ECOWAS main aim is economic integration competition law has been introduced by the organization, wh ich comprises of a set of rules and regulations aimed at encouraging free and fair markets, equal competition condition, promotion of allocative efficiency, maximization of consumer welfare, and ensuring transparency and fairness (ECOWAS, N.d, p.3). Therefore, ECOWAS has regulated competition as a form of ensuring fairness and equality. Economic Integration or regionalism Economic integration enables member states to deplete a wide selection of goods and services at low costs due to reduced tariffs. In addition, economic integration encourages trade among nations. Moreover, employment opportunities are created through trade liberalization that leads to the expansion of markets. mart expansion yields to investments in other nations, thereby creating job opportunities for citizens of the host country. Countries that trade together can entrust solutions for issues such as political instability, which may be affecting a trade partners. The agreement to fuck and control trade, monetar y policies, and fiscal policies is advantageous for instance, trade is given a chance to progress, thus, acquisition of goods and services at low costs becomes a possible mission. Such agreements, for instance in ECOWAS, lead to ache lasting relationship between countries, which can also lead to