This in turn will help to inform future strategic engagement by different stakeholders with a view to facilitating and assisting in the development of the regional integration agenda, by: 1. We can describe integration as a scale, with 0 representing no integration at all between two or more countries. Major challenges facing the Caribbean Region 1. The integration of deported and returned migrants. "The CARICOM Single Market and Economy (CSME) has for years been touted as the most critical pillar in Caribbean regional integration. On 4 July 1998, the Caribbean Community (CARICOM) celebrated its twenty-fifth anniversary. For this reason, and since CARICOM offers a unique example of moving from a free trade area to a customs union, this aspect of Caribbean integration will be our major focus. It is important to capitalize on this momentum. Benefits of Regional Economic Integration. Google Scholar. Greater cooperation is the key to furthering regional integration in the Caribbean. Recent. Musa Ali Esq. The following article takes a look at the benefits of regional economic integration. 1. In addition to the several benefits that highly competitive sport can have on the region as a whole, it can also have a positive impact on individuals in society as participation in sporting activities can lead to a greater awareness for the need to be physically fit and can promote the need for healthy lifestyle choices, which is overlooked in the Caribbean. Their mission is be a major regional institution contribution to the sustainable development of the OECS Member states by assisting them to maximizes the benefits from their collective space, by faciliting their intelligent integration with the global economy (Lindsey, 2013, p56). © 2020 International Monetary Fund. Regional integration in Southeast Asia (ASEAN): The impact and Implication. The purpose of this study is to analyse the Caribbean regional integration process, to help identify options for moving it forward. While policymakers of the Caribbean Community (CARICOM) remain committed to further integration and progress has been made, the implementation of integration initiatives and policies toward the goal of a regional economic union has been slow and needs to be accelerated. These divisions are a constraint to economic growth, especially in developing countries. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Regional integration within the Caribbean has taken on many perspectives, namely political, economical and social. All rights reserved. In the absence of a facilitating regional architecture, cooperation must rely on well-aligned national interests and shared goals, but national incentives do not seem to be well-aligned for integration, with its potential benefits perceived by some as uncertain, potentially uneven, and only materializing over a long horizon. Then, give THREE reasons why cooperation in … “The Caribbean has tremendous economic potential and growth opportunities”, said Tahseen Sayed, World Bank Country Director for the Caribbean. Next, state TWO benefits of regional cooperation to CARICOM citizens. Regional integration helps countries overcome divisions that impede the flow of goods, services, capital, people and ideas. The first movement toward integration, the West Indian Federation began in 1958, but subsequently failed in 1960. . The World Bank Group helps its client countries to promote regional integration through common physical and institutional infrastructure. Blank Map of the Caribbean 4. Thank you for agreeing to provide feedback on the new version of worldbank.org; your response will help us to improve our website. The lack of a regional body with powers and accountability that can help transform community decisions to binding laws in individual jurisdictions is a key impediment. The Options of Caribbean Regional Integration in the 21st Century By Desmond Thomas Guyana Journal, December 2008 Allow me to congratulate the organizers of this conference series, and to commend this initiative to mount a conference series to discuss important development themes. Low levels of production and productivity 5. Some regional authorities attribute the slow pace of implementation to a “crisis of will,” as much as to wasteful duplication and slow progress in harmonizing legal and institutional frameworks and to binding resource/capacity gaps. The World Bank Group works in every major area of development. Regional Integration. Benefits of Regional Integration for Thailand The integration will create more regional collaboration and will enhance the scale productivity, enthusiasm, and ambition of Asean members. Regional Integration in the Caribbean. A number of leaders called for the integration of Africa already soon after independence, but it was only in the 1970s and 1980s that concrete steps were taken to re-launch or … 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. Why did the EU form and what are its significant impacts? An assessment of the economic costs and benefits of regional integration depends on the yardstick against which these are judged. ensuring financial stability in an increasingly more interconnected financial system. Benefits Of Regional Economic Integration. December 15, 2014 . In fact, some of the smaller economies in Latin America and the Caribbean such as Panama and the Dominican Republic are growing much faster than the region’s giants. The main theme running through the idea of regional integration is co-operation. 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