What are two ways that regional economic integration can help global companies?

Economic integration can reduce the costs of trade, improve the availability of goods and services, and increase consumer purchasing power in member nations. Employment opportunities tend to improve because trade liberalization leads to market expansion, technology sharing, and cross-border investment.

What do you mean by regional economic integration?

Regional economic integration occurs when countries come together to form free trade areas or customs unions, offering members preferential trade access to each others’ markets.

Which of the following is the best example of regional integration?

The following are examples of Regional Economic Integration: NAFTA (North American Free Trade Agreement)-An agreement among the U.S.A., Canada, and Mexico. EU (European Union)-A trade agreement with 15 European countries. APEC (Asian Pacific Economic Cooperation Forum) – This includes NAFT A members, Japan, and China.

What are the factors that hinder regional integration?

FACTORS THAT HINDER REGIONAL INTEGRATION

Reduction in unemployment and underemployment.
Better response to economic implications of globalisation and trade liberalisation.
Improvement in the quality of life.
Reduction in the inequality of wealth distribution.
Free movement of goods, labour and capital.
Increased market size.

Why is regional integration important for Caribbean countries?

The Caribbean economies have long recognized the value of working together. 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.

What was the first attempt at regional integration?

The first attempt at regional integration in the Commonwealth Caribbean was through the formation of the West Indies Federation on January 3, 1958.

What are the pillars of Caricom?

The Caribbean Community stands on four pillars: economic integration; human and social development (formerly functional cooperation), foreign policy coordination and security.

What is regional integration in social studies?

Regional integration is the process by which two or more nation-states agree to co-operate and work closely together to achieve peace, stability and wealth. In addition, member states in the sub-region are members of the Organisation of the Eastern Caribbean States (OECS).

Why difficulties may arise in pursuing integration among OECS member countries?

One of the persistent problems facing integration, however, is the pronounced differences in levels of development in economic and political structures of the countries in the region and the inability of integration mechanisms to satisfy the needs at both ends of the scale.

What are the challenges of CSME?

In a comprehensive analysis of the Caribbean’s development prospects, the World Bank identifies five important issues for the CSME: 1) increase productivity; 2) expand trade openness; 3) improve public investment in infrastructure and education; 4) reduce size of government, and; 5) maintain macroeconomic stability.

What are the benefits of the CSME?

The benefits of being issued with a Skills Certificate from the host country include but are not limited to the following:

There is no restriction on freedom of movement, including the freedom to leave and re-enter his or her host country.
There is a wider pool of opportunities available for employment.

How can I improve my CSME?

Find Yourself within the Global Marketplace.
Position Yourself within the CSME.
Identify Your Service Offering.
Identify Your Target Market.
Prepare to Overcome Potential Barriers.
Know What Your Competitors Are Doing.
Differentiate Yourself from the Competition.
Align Your Company’s Goals with Strategic Opportunities.

What are the objectives of Caricom?

The objectives of CARICOM are:

To improve standards of living and work.
The full employment of labour and other factors of production.
Accelerated, coordinated and sustained economic development and convergence.
Expansion of trade and economic relations with third States.
Enhanced levels of international competitiveness.

Why was the CSME conceived?

Conceived as an instrument to facilitate economic development, the Caribbean Community (CARICOM) Single Market and Economy (CSME) is the manifestation of the intent to deepen the integration process that began with the signing of the Treaty of Chaguaramas in 1973.

What are the achievements of Caricom?

“Our CARICOM has chalked up impressive achievements in its four pillars of integration: functional cooperation, coordination of foreign policy, security collaboration, and economic integration, including Single Market trading arrangements.

What are the 15 members of Caricom?

Members include Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago.

Who is responsible for the day to day running of Caricom?

The Secretariat of the Caribbean Community is the principal administrative organ for the Caribbean Community (CARICOM) and is headed by the secretary general, who is the chief executive officer of the community.

Which is the largest Caricom country?

Cuba is the largest island country in the Caribbean sea, with a total area of almost 111 thousand square kilometers, followed by the Dominican Republic, with nearly 49 thousand square kilometers.

Which country joined Caricom last?

Membership

Status	Name	Join date
Full member	Haiti	2 July 2002
	Jamaica	1 August 1973
	Montserrat	1 May 1974
	Saint Kitts and Nevis	26 July 1974

What are the 20 Caricom countries?

These member states are Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat (a British overseas territory in the Leeward Islands), Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago.

Which island is the richest in the Caribbean?

Trinidad and Tobago

What is the poorest island in the Caribbean?

Poorest Countries in the Caribbean

▲	Country	GDP per capita
1.	Haiti	$1,300
2.	Jamaica	$9,000
3.	Dominican Republic	$9,700
4.	Cuba	$10,200