An additional complication is the broader regulatory barriers affecting business and trade. Furthermore, with the exception of some major economies (such as India, Indonesia and Singapore), most Indian Ocean economies are absent from a medium-term economic perspective studies (see Asian Development Bank [ADB] & Asian Development Bank Institute [ADBI], 2014; Kearney, 2015). II. There are four main types of regional economic integration. For example, the share of South Asia’s trade with the rest of the Indian Ocean has increased from 18.1 per cent in 2000 to 21 per cent in 2017. South Asia’s trade with itself has only marginally increased from 3.2 per cent of its total trade in 2000 to 3.6 per cent in 2017. A conscious effort to expand economic and political space as well as the needed instrument to strengthen integration in Africa. Source: LKI calculations based on IMF (2018d). CHALLENGES TO REGIONAL INTEGRATION IN AFRICA: THE CASE OF THE REVIVED EAST AFRICA COMMUNITY 2000-2012 GICHOHI MARVIN MUHAMMAD R50/69883/2011 A THESIS SUBMITTED IN PARTIAL FULFILLMENT FOR THE DEGREE OF MASTER OF ARTS IN INTERNATIONAL STUDIES.INSTITUTE OF DIPLOMACY AND INTERNATIONAL STUDIES, UNIVERSITY OF NAIROBI … (2015) provide a broad analysis of the importance the blue economy’ in the Indian Ocean region in terms of food security, a basis for tourism, a basis for trade and as an alternative energy source, as well as the challenge of exploiting shared ocean resources in a sustainable manner. Members of _ can log in with their society credentials below, Ganeshan Wignaraja, Adam Collins, and Pabasara Kannangara. RCEP has an open accession clause that means other economies can join the agreement at a later date. On this limited basis, it appears that FDI restrictions have fallen since 1997 but they remain more stringent than those in OECD economies (see Figure 9). View or download all the content the society has access to. 4Policy benchmarking is increasingly used in studies of regional integration. Vol. One item that fascinates us is the use of barter as a key method of trade, for instance, the exchange of Venezuelan oil for Bolivian soybeans or of Venezuelan oil for medical services rendered by Cuban volunteers. Regional economic integration has enabled countries to focus on issues that are relevant to their stage of development as well as encourage trade between neighbors. Container traffic through the region’s ports has expanded significantly. You can be signed in via any or all of the methods shown below at the same time. Another step would be to encourage linking the various sub-regional and bilateral FTAs in the region to a mega-regional trade agreement with common trade rules and standards. The age-long practice of the individual survival of nations have long given way to the emergent concept of integration and cooperation among states as an option to meeting the collective development needs of the cooperating states. It focuses on the strategic risks that threaten the economy’s security and, therefore, could ultimately undermine its economic prosperity. challenges of African regional integration. aspects of the Trade Protocol in some detail, as it is the heart of regional integration and ends with the cooperation between SADC and the International Cooperating Partners. International relations and its sub-field of international security studies typically views the Indian Ocean economy as a major conduit for international trade, especially energy and as a significant source of fishing and mineral resources. In East Asia and the Pacific, intra-sub-regional has fallen slightly from 22.1 per cent to 21 per cent, though based on this indicator, it is still the most integrated sub-region in the Indian Ocean. But in terms of trade-led growth and the potential for greater regional economic integration, four challenges appear most pressing. Available online: http://investmentpolicyhub.unctad.org/. Especially strong integration -- like the European Union -- can lead to the loss of unique minority cultures within a region. These countries could find themselves stuck in the ‘missing middle’ of development finance, when total resources available fall as the country moves from low until well into middle-income status (Wignaraja et al., 2018). The details of the activities of these organisations suggest that this network of regional institutions covering the Indian Ocean is at a nascent stage of institutional development compared to those in the Americas or Europe.1111A full assessment of regional organisations in the Indian Ocean is available in Wignaraja Collins, and Kannangara (2018). The first is how to build regional blocs that go beyond trade to include industrial policy, a shared agricultural policy, macroeconomic coordination, and technology sharing. One step would be to undertake the appointment of an Eminent Persons Group (EPG) from member states tasked with developing a plan to strengthen IORA’s role in regional economic governance. Sharing links are not available for this article. He goes so far as to call IORA ‘a regional non-starter’ as its members are too diverse and geographically scattered for any meaningful integration to take place. MULTILATERAL INSTITUTIONS AND ACCESS TO INFORMATION, Walden Bello: ‘It is time to aim beyond capitalism’, A visit to India’s Singhu Border protest camp, The political education of Thailand’s dissident youth, Civil society demand Laos government reveal Sombath’s fate, On the passing of our comrade Soren Ambrose, The WTO and Developing Countries: a Foreign policy in Focus Brief on WTO, Farmers demand government to repeal Rice Liberalization Law, Neoliberalism as hegemonic ideology in the Philippines: rise, apogee, and crisis, Philippines: Informal Workers face brunt of COVID-19 Lockdown, Right to Food and Food Security in the Philippines: What the Numbers Say, Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. Some workers face temporary unemployment and income losses through lost jobs to international competition. The international research project “Challenges and Opportunities of Economic Integration within a Wider European and Eurasian Space” focuses on plausible futures of economic cooperation in the Greater Eurasian space and interplay between different integration processes in the region. 7https://www.wto.org/english/tratop_e/serv_e/cbt_course_e/c1s3p1_e.htm. 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. Stages of economic integration . Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. The Indian Ocean economy is defined broadly here as the 28 economies that border the Indian Ocean. 8OECD, FDI Restrictiveness Index. Post-independence regional economic integration and cooperation efforts resulted in a variety of initiatives with overlapping LKI calculations based on UNCTAD (2018); World Bank (2018c). Addis Ababa, Ethiopia, 2006, report, 95% of members, are member to another REC. The emerging collection of mega-regional infrastructure initiatives—such as China’s Belt and Road Initiative, Japan’s Partnership for Quality Infrastructure, the Africa–Asia Growth Corridor, the EU Investment Plan and Association of South-East Asian Nations’ (ASEAN) Master Plan for Connectivity—and international financial institutions can also facilitate investment in ports and trade facilitation. Assessing barriers to trade in services is more challenging than for goods. Within the Indian Ocean, East Asian and Pacific ports dominate container traffic, accounting for 63 per cent of total regional container traffic in 2017. But the nature of global integration is changing, entailing new challenges for policymaking. Deepening of democratic government systems. Chapter III examines the external challenges facing the region today, particularly as regards its trade relations with Europe, the United States, Canada and Latin America. Policy makers, leading economists and CMI program leaders examined the main lessons and findings from the European growth model and the realities of interdependencies between both rims of the Mediterranean. Chapter four – Challenges – elaborates the key economic, social, and political challenges as well as some institutional and integration challenges. Beach sands rich in heavy minerals and offshore placer deposits are actively exploited by bordering countries, particularly India, South Africa, Indonesia, Sri Lanka, and Thailand. 10This accounted for 15.9 per cent of world ODA flows in 2016, but is less than US$ 10 per person. However, they can have disadvantages, too. 2Authors calculations based on data from the Food and Agriculture Organization. These divisions are a constraint to economic growth, especially in developing countries. However, these competing large-scale initiatives and donor programmes may also present some challenges to recipients, including a lack of coordination between competing donors, differing social and environmental standards, insufficient progress on the domestic regulatory reforms needed to maximise the benefits of new infrastructure and risks to debt sustainability in recipient economies (see Hurley, Morris, & Portelance, 2018; Yoshimatsu, 2017). The Indian Ocean economy grew by an annual average of 5.6 per cent per year during 2000–2008 and slowed slightly to an average of 5.1 per cent in 2011–2017, led by a strong performance in South Asia (see Figure 4). Data is problematic as economies fail to report NTMs to the WTO and difficulties exist in quantifying the relative significance of different NTMs. The period 1960-1980, however, witnessed the emergence of the major regional integration schemes that pushed forward the Continent’s economic integration agenda. Sign in here to access free tools such as favourites and alerts, or to access personal subscriptions, If you have access to journal content via a university, library or employer, sign in here, Research off-campus without worrying about access issues. The global financial crisis has stimulated a broad reassessment of economic integration policies in developed and ... and enforcement mechanism that comes with it helped keep protectionism low during the crisis. Regional economic integration agreements are treaties between member states in a particular region of the world such as Sub-Saharan Africa or the Middle East. 2. While some economies are excluded, the World Bank’s Services Trade Restrictiveness Index suggests that services trade barriers in the Indian Ocean economy (36.7) are generally high relative the OECD (19.5), though there are variations between sub-regions and countries (see Table 2 and Figure 8). The rest of the world is not discriminated 6. This will place it in the league of other major players such as China, the USA and the EU. Regional economic blocs are not new. Source: LKI calculations based on UNCTAD (2017). The article reviews the economic effects of such agreements on member countries and on the world trading system. 1. Globalization has ended in massive failure. 11 February 2009. Available at: http://www.oecd.org/investment/fdiindex.htm, accessed on July 2018. The CMI hosted the fourth Rencontre Valmer to discuss the challenges of regional economic integration through the lens of the Golden Growth Report. More recently, Cordesman and Toukan (2014) comprehensively assessed the key strategic issues facing the Indian Ocean, as well as the implications of these for international politics and the global economy. 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. Contact us if you experience any difficulty logging in. Accepted 12 September, 2008 Regional integration is increasingly being accepted as essential in facilitating economic and political development. 1 pg. But for a variety of reasons, it is very difficult to build affordable housing in higher-opportunity neighborhoods. The Challenges and Prospects for Regional and Economic Integration in West Africa. Gradually reducing barriers to trade and investment would support trade-led growth in the Indian Ocean. These agreements are usually made between nations with smaller economies in order to promote trade within the region. Another response, complementary to this, has been to build regional associations or regional blocs. Regional Integration and Challenges of Africa’s Development 7 V. Regional Economic Communities - The Capacity Challenges 8 VI. The fourth is how to promote a development process that is sustainable, that is, one that is built on ecologically benign technologies and is not based on ever-rising material consumption per capita, though of course the spreading of material wealth via income redistribution is necessary to bring people out of poverty. The sixth section concludes with policy implications. Emphasis is placed on opening markets, eliminating trade barriers a… In March 2018, The UN classified 10 regional economies across the three sub-regions as LDC including Bangladesh, Cambodia Comoros, Madagascar, Mozambique, Myanmar, Somalia, Tanzania, Timor-Leste and Yemen.99https://www.un.org/development/desa/dpad/least-developed-country-category/ldcs-at-a-glance.html LDCs face significant structural impediments to sustainable development and typically have lower per capita incomes than other regional economies. What Is Regional Economic Integration? This structural change is a key source of gains from trade but brings with it costs of adjustment (Francois, Jansen, & Peters, 2011). Mohanty et al. In East Asia and the Pacific, the share of total trade with other Indian Ocean sub-regions has increased from 3.5 per cent to 6.1 per cent during the same period, while in Africa and the Middle East, it has increased from 15 per cent to 18.8 per cent. The bulk of NTMs initiated in 2017 were technical barriers to trade (59.9 per cent) and sanitary and phytosanitary measures (32.2 per cent). The Indian Ocean is an increasingly important component of the world economy. Services trade takes different forms, including selling a service across national boundaries, setting up a subsidiary, sending an employee overseas to provide a service, as well as tourism and educating foreign students.77https://www.wto.org/english/tratop_e/serv_e/cbt_course_e/c1s3p1_e.htm Similarly, services trade barriers can range from licensing or accreditation to provide a service in a country, to restrictions on foreign companies in certain sectors or even tourist visa fees. An estimated 40 per cent of the world’s offshore oil production comes from the Indian Ocean. The region is on course to account for around 20 per cent of world GDP in 2025 and its per capita incomes may double to US$ 6,150 between 2017 and 2025. We are intrigued by the comment of President Hugo Chavez during the World Social Forum in Caracas in 2006 that these practices “go beyond the logic of capitalism.” Yet we cannot romanticize these efforts. Source: LKI calculations based on World Bank (2018b) and IMF (2018d). Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. Gamage (2016) and Hussain, Failler, Karim, and Alam (2017) explore the use of this idea in Southeast Asia and Bangladesh, respectively. The third is how to promote a development process that does not reproduce social inequalities at the regional and national levels in the name of capital accumulation. Today, the Indian Ocean hosts 23 of the world’s top 100 container ports.33According to the 2017 Lloyd’s List Top 100 Container Ports Rankings. The policy of economic integration is purely commercial, and it takes place in order to make sure that certain trade barriers are reduced in the best way so that some nations can be unified together. Note: 2018–2020 data are based on the continuation of post-crisis average growth rate. Among the most outstanding features of the current processes of regional economic integration are: 1. A greater fall from 7.6 per cent to just 2.8 per cent is visible when assessed using the weighted average tariff rate, which weights the tariff applied to each good by that particular product’s importance in trade flows. These are (a) port and customs quality, (b) barriers to trade and investment, (c) development gaps, and (d) nascent regional economic governance. This would increase market access, reduce trade barriers and facilitate regulatory coherence. By Akbayan Representative Walden Bello* (Speech at the Conference on “Regional Integration: an Opportunity Presented by the Crisis,” Universidad de Deportes, Asuncion, Paraguay, July 21-22, 2009.) For instance, it is below US$ 100 per person even in Mozambique where the poverty rate is around 60 per cent. Continuing the pre-crisis trend, the region’s trade and growth have expanded rapidly. of the earth’s total water and its land area, covering 17.5 per cent22Authors calculations based on data from the Food and Agriculture Organization. This article examines increasing regional economic integration in the Indian Ocean, along with the region’s rising importance in the global economy and outlines the challenges to greater regional integration. This paper therefore, examines the current African integration efforts in the age of globalisation in a bid to show the current development and future challenges. Trade has fundamentally shaped the Indian Ocean economy throughout history, but this has been especially true since the turn of the 21st century. Research has also looked at the specific economic cost of non-traditional security threats in the Indian Ocean, particularly piracy off the coast of Somalia. Macroeconomic monitoring occurs at the economy level but these national exercises are combined under different regional headings (International Monetary Fund [IMF], 2018a, 2018b). … West Africa: Ecowas - the Challenges of Regional Integration. The RCEP is the only agreement to include three economies which are among the seven biggest economies of the world—China, Japan and India. *Akbayan Representative Walden Bello is a member of the House of Representatives of the Republic of the Philippines, president of the Freedom from Debt Coalition, and senior analyst at the Bangkok-based institute Focus on the Global South. However, inter-country comparisons of the quality of port infrastructure are difficult due to measurement problems, statistical gaps and the inherently subjective nature of such evaluations. Poverty rates—the share of the population living on less than US$ 1.90 per day—are relatively high in LDCs and income inequality is rising. This is based on the notion that greater demand for maritime security will trigger increased investment in these security capabilities and therefore drive economic activity. But in terms of trade-led growth and the potential for greater regional economic integration, four challenges appear most pressing. The EAC seems to be the most vibrant Regional Economic Community (REC) in the Southern hemisphere and is tremendously advancing in its integration process: however, crucial … Tel: +66 2 218 7363 10 Alter, K. & Meunier, S. The Politics of International Regime Complexity. These includes gaps in port infrastructure and onerous customs procedures, NTMs, barriers to services trade and restrictions on FDI. Regional integration is seen as a rational response to the difficulties faced by a continent with many small national markets and landlocked countries. It finds that the strategically located Indian Ocean economy has become an increasingly important part of the global economy in the past two decades and has become more integrated within itself. The challenges of regional integration in Southern Africa Mark Chingono* and Steve Nakana University of Zimbabwe, P. O. The EPG’s review should provide a vision for IORA’s role in regional economic governance as well as delegated powers from members, formal rules and legal structures, financial resources and a permanent secretariat. A particular specific aim of the project is to discuss, analyze, and critically evaluate diverse issues related to economic … However, the average effective tariff rate is generally below 10 per cent across the board. There are four main types of regional economic integration. Accordingly, there have been high-level political calls by Sri Lanka’s Prime Minister for the establishment of an Indian Ocean Development Fund (IODF) to enhance economic development in regional economies (Wickremesinghe, 2016). The Indian Ocean economy’s combined GDP amounted to 10.7 per cent of global GDP in 2017. This site uses cookies. Downloadable! A value of 7 in the scoring system used shows the best possible situation and 1 the worst. Globalization has ended in massive failure. Thank you. In Africa in particular, there has been a clamor and trend towards integration with numerous regional blocs being formed in various regions of the continent. Some society journals require you to create a personal profile, then activate your society account, You are adding the following journals to your email alerts, Did you struggle to get access to this article? Challenges of Regional Integration 1. The second is how to ensure that building complementarity among economies does not reproduce the old, unequal... 3. Variations between the sub-regions seem likely. Of the 11 regional institutions, only 6 have a trade agreement in force1212Notified as in force to the WTO and included in its Regional Trade Agreement database. No. As Figure 7 shows, weighted tariffs are higher in South Asia than in the other two sub-regions. Meanwhile, the importance of trade within sub-regions has remained largely static. More developed regional economies—such as Singapore, UAE, Malaysia, Australia and South Africa—have better ports than less developed countries (LDC), particularly in Africa. At the very least, failing to address these issues will mean the region’s economic potential is left underexploited. It evaluates the challenges and prospects of integration in West Africa. However, murky non-tariff measures (NTMs) do impede Indian Ocean trade. 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. Regional Economic Cooperation and Integration in Africa 3 III. The concern for regional cooperation and integration in Africa predates independence. Goods and services trade links within the region and beyond have deepened to an unprecedented extent. Adding to this, the tangle of regional institutions are about 10 bilateral FTAs that involve Indian Ocean economies. Greater regional economic integration to undertake public investment in port and logistics infrastructure that improve their and... 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