Manual Economic integration in NAFTA and EU: A comparative analysis

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Asean is celebrating its 50th anniversary. The EU is celebrating its 60th anniversary. The EU, notwithstanding the decision by the United Kingdom to leave the union, is often referred to as the most successful regional organisation in the world. Asean is often referred to as the second most successful regional organisation. In this essay, I would like to compare and contrast the similarities and differences between Asean and the EU.

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I will begin with the similarities. The first similarity is that both are regional organisations with legal personalities. The EU has 28 members and will have 27 in March Asean has 10 members, with Timor Leste knocking on the door. The second similarity is that both were founded to promote peace. The EU was founded, after two disastrous world wars, to prevent the recurrence of war in Europe and to institutionalise peace through economic integration.

Asean was founded to create a peaceful environment in South-east Asia so that the Asean countries could focus their energies on their economic development.

Asean and the EU: Differences and challenges, Opinion News & Top Stories - The Straits Times

The third similarity is that both seek to integrate the economies of their member states into a single market and production platform. In the case of Asean, the movement of labour is not free. The Asean Charter obliges the member states only to facilitate the movement of business persons, professionals, talents and labour.

This is a major difference between Asean and the EU. The fourth similarity is that both organisations share a commitment to human rights. The Asean Charter contains several provisions in its Preamble, Purposes and Principles on human rights. The fifth similarity is that both Asean and the EU have concluded many free trade agreements or comprehensive economic partnership agreements with other countries.

For example, the EU and Singapore have concluded a free trade agreement which is pending ratification. The sixth similarity is that both Asean and the EU hold regular political and economic dialogues with important external partners. In addition, Asean holds bilateral dialogues with its 10 dialogue partners.

Introduction

The first difference is that Asean is an inter-governmental organisation. The EU, in contrast, is a supranational organisation in which its member states have agreed, in certain areas, such as trade, to pool their sovereignties. In other words, the member states have voluntarily agreed to give up part of their sovereignty. The pooled sovereignty is exercised by the European Commission on behalf of the member states. I believe that the EU, without the UK, will be stronger and not weaker because it will be more cohesive. I do not believe that the EU will break up or that the euro will fail.

In the same way, I believe that Asean will overcome its challenges and remain united and independent. The second difference is that the EU has a common currency called the euro. Only 19 of the EU's 28 members are members of the euro zone. Asean does not have a common currency and has no plans to have one.

As Canada and the United States during the integration were countries with developed economies inflation decreased after integration: the US from 5.


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In Mexico, for the period there is a gradual decline in inflation from The dynamics of inflation rate in Italy, France, Germany and Greece during In a decrease in GDP in all the countries is surveyed. This is due to the effect of trade diversion and formation of close relations between the countries. Introduction of the euro as a common currency, in particular. It should be noted that changes in the economy of a country common to all other countries regardless of their level of economic development. For analysis is chose three highly developed economies — Germany, France, Italy; and underdeveloped — Greece.

The difference in the level of economic development has a decisive influence on the functioning of the EU. It is advisable to bring the dynamics of inflation countries surveyed pic. The dynamics of inflation rate in Germany, France, Italy and Greece during In , inflation decreased in all countries.

In subsequent years, inflation in Italy and Greece was fluctuated and stayed at the highest level than in other countries. The rapid decline in inflation in Greece is caused because of economic support from the EU. It should be noted that deflation in Italy and Greece could lead to economic depression — a decrease in GDP. In addition, reduction in credits to the population and increase of unemployment via lowering of wages according to the price level are possible.


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  8. Here is the dynamics of inflation Poland and Slovenia during the pic. The dynamics of inflation rate in Poland during In the year of joining was an increase in inflation into 4. However, in subsequent years are seeing decline in inflation. It should be noted that the entry of new countries in had no impact on the economies of other EU member states.

    The manifestation of dynamic effects will be observed after ten years after the formation of integration, that is, since The United States were able to use economies of scale to the Mexican and Canadian market. In fact, access to technology has only the United States as they develop them. In addition, the United States have access to the resources of Mexico. Thus, the largest flows of investments are directed to and from the US in particular, a large amount is sent to Mexico to improve the life of Mexicans.

    Development of infrastructure and introduction of entrepreneurship risk reduction activity are inherent to all member countries of NAFTA. The effect of market expansion significantly affected Canada as it has access to the markets of Mexico. In addition, Canada has access to the resources of Mexico, where are directed Canadian investments.

    Mexico got prospects for new markets and investments. However, most of the benefits are received by the United Sates what is negative dynamic effect.

    Is There a Comparative Perspective between the European Union and NAFTA?

    Similarly analyzing the dynamic effects of the formation of the EU. Countries with a high level of economic development were able to use economies of scale. Strengthening of competition affected, because access to technology has the majority of leading the EU countries. The development of less developed countries is supported and financed.

    The effect of market expansion almost had no impact on the EU member states because before integration countries have traded with each other. However, new members of the EU have access to whole EU market, what stimulates an increase in exports and investment inflows. It should be noted that NAFTA member countries have greater economic stability and are developing with different tempos because integration is only economic: no common currency and legislation.

    The EU provides the integration in all spheres. However, there is a significant advantage — the EU member states can get help to stabilize theirs economy, NAFTA did not provide such activities. The expansion of the EU is continuing, what is accompanied by entry of developing countries and weak economies. Economic integration has a significant impact on the economy, what affects the dynamics of key macroeconomic indicators and leads to changes in the functioning of the economy in the long run. Analysis of static and dynamic effects helps identify priority areas of economic regulation of the member state , to predict future functioning of the integration, as well as changes caused by entry of new member states, which is important for Ukraine within the framework of European integration.

    Particularly because of the economic crisis, the unstable economy and the the war, the effect of trade diversion can exceed the creating trade effect, extend the crisis in the short term period. However, dynamic effects may be positive in conditions of overcoming the crisis and stabilizing the economy. Hrontkovska H. Viner J. Derkach T. Shchelkunova M. Verstiak O. Prikhodko I. Bosak A. Bilotserkivets V.