infonet-economy

The latest wave of international market integration has seen a proliferation of bilateral and regional trading arrangements at the same time as the multilateral trading system has struggled to expand in scope. By and large, these developments have resulted in falling tariff and non-tariff barriers, fewer restrictions on inward foreign direct investments and, in some cases, the narrowing of regulatory differences. As the leading case of regional integration, the European Union (EU) and its predecessor the European Economic Community, is often held up as an example to other nations contemplating liberalisation with neighbours beyond their World Trade Organization (WTO) commitments.