Regional trade integration in Eastern and Southern Africa
2019
Makochekanwa, Albert; Matchaya, Greenwell
Regional integration is often seen as a powerful development strategy that provides a large parallel market for the development of new industries and minimizes external shocks through increased national income and bargaining power (Balassa 1961). At regional and subregional levels, economic cooperation has been one of the fundamental policy options for many developing countries in the last three decades (Jones 2002). There is consensus among policymakers, researchers, and political leaders that Africa could develop faster through regional integration. The United Nations Economic Commission for Africa (UNECA 2017) has suggested that regional integration and trading blocs are critical for African nations to achieve sustainable development and increase their participation in the global economy. In addition, UNECA has asserted that regional integration promotes economic growth and industrialization through fostering intraregional trade, infrastructure, and investment (McCarthy 1996). Cooperation of countries provides a huge market for new industrial development which reduces external vulnerability through increasing bargaining power and, in turn, improves standards of living. Regional trade cooperation of countries is regarded by UNECA as a key strategy to confront globalization challenges.
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