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Economic Integration and Cooperative Agreements Efforts at regional economic integration began to emerge after World War II as c ountries

saw benefits of cooperation and larger market sizes. The major types of economic integration are the free-trade area, the customs union, the common mar ket, and complete economic integration. In its most limited form, economic integration allows countries to trade goods w ithout tariff discrimination (a free-trade area). In its most extensive form, al l factors of production are allowed to move across borders, and some degree of s ocial, political, and economic harmonization is undertaken (complete economic int egration). The static effects of economic integration improve the efficiency of resources l ocation and affect both production and consumption. The dynamic effects involve i nternal and external efficiencies that arise because of changes in market size. Trade diversion occurs when the supply of products shifts from countries that ar e not members of an economic bloc to those that are. Once protection is eliminated among member countries, trade creation allows MNEs to specialize and trade based on comparative advantage. Regional, as opposed to global, economic integration occurs because of the great er ease of promoting cooperation on a smaller scale. The European Union (EU) is an effective common market that has abolished most re strictions on factor mobility and is harmonizing national political, economic, an d social policies. As of I 993, it comprised Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, and the Un ited Kingdom. Some of the EU's major goals are to abolish intrazonal restrictions on the movem ent of goods, capital, services, and labor; to establish a common external tarif f; to achieve a common agricultural policy; to harmonize tax and legal systems; to devise a uniform policy concerning antitrust; and to supersede national curren cies. By December 31,1 992, the EU had removed most of its remaining barriers to the f ree flow of goods and services. Several EFTA members have applied for membership in the EU. Their acceptance will make the EU the world's largest and richest trading bloc. The next countries th at may be considered for EU membership are some of the former communist countrie s of Eastern Europe. The Canada-U.S. Free Trade Agreement (FTA) was expanded in I 993 to include Mexic o, becoming the North American Free Trade Agreement (NAFTA). It is designed to e liminate tariff barriers and liberalize investment opportunities. The inclusion of other Latin American countries would make this an even more powerful economic bloc. Economic integration in Latin America has not been as successful as that in Europ e and North America, but it has been more successful than that in Africa. Many L atin American efforts are bilateral and subregional in nature. Many developing countries rely on commodity exports to supply the hard currency t hey need for economic development. Instability in commodity prices has resulted in fluctuations in export earnings. Commodity agreements, utilizing buffer stocks or quotas or combinations of the two, are established in the hope of stabilizin g prices. The Multifibre Arrangement (MFA) was established to protect textile and garment m anufacturers in industrial countries from competition from manufacturers in devel oping countries. It allows importing countries to set up quotas to protect domes tic producers. The Organization of Petroleum Exporting Countries (OPEC) was successful as a pro ducers' alliance in the I 970s and effectively forced historic increases in crud e-oil prices. However, the drop in worldwide demand and the increase in supplies from non-OPEC producers have reduced its influence.

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