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. Tel: +66 2 218 7363 Posted by admin | Jul 26, 2009 | Alternative Regionalisms, Deglobalisation, Philippines, Trade and Investment, 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.). 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. Moreover, improved political cooperation due to regional economic integration is also vital for handling the economic and social challenges linked to globalization. A growing international relations and security studies literature proceeds along three lines: (a) the geo-political risks that threaten the Indian Ocean’s security and its economic prosperity (Cordesman & Toukan, 2014; Cordner, 2010), (b) the concept of the ‘blue economy’ and the sustainability of natural resources (Mohanty, Dash, Gupta, & Gaur, 2015), and (c) the role of regional institutions in fostering regional cooperation (Dabee & Reddy, 2000; Kelegama, 2002). Regional Economic Cooperation and Integration in Africa 3 III. In terms of sub-regions, South Asia is the slowest, with an average of 73.2 hours while Africa and the Middle East is the fastest with an average of 62.3 hours. Find out about Lean Library here, If you have access to journal via a society or associations, read the instructions below. Post-independence regional economic integration and cooperation efforts resulted in a variety of initiatives with overlapping Symposium. The second is how to ensure that building complementarity among economies does not reproduce the old, unequal division of labor between stronger and weaker economies. Source: LKI calculations based on IMF (2018c). Trade liberalization and export promotion 3. Furthermore, the share of population in poverty is likely to halve to 7 per cent by 2025. 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. Introduction Regional integration as a strategy of the collective economic survival of nations around the world has gained prominence in recent times. These are (a) port and customs quality, (b) barriers to trade and investment, (c) development gaps, and (d) nascent regional economic governance. The rest of the world is not discriminated 6. Available online: https://www.worldatlas.com/articles/the-oceans-of-the-world-by-size.html (accessed on 26 July). 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). 10 Alter, K. & Meunier, S. The Politics of International Regime Complexity. 9 DRC is member to at least 4 REC’s. About 35 per cent of the world’s total population live in the Indian Ocean economy, with the majority living the South Asian sub-region (20.9 per cent). Regional economic integration is characterized first and foremost by the setting up of preferential trading agreements (PTAs) between independent states. If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. Total foreign aid to Indian Ocean economies as a group, doubled from US$ 12.4 billion to US$ 25.1 billion between 2000 and 2016.1010This accounted for 15.9 per cent of world ODA flows in 2016, but is less than US$ 10 per person. 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. Available online: https://www.worldatlas.com/articles/the-oceans-of-the-world-by-size.html (accessed on 26 July). 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. LKI calculations based on UNCTAD (2018); World Bank (2018c). Its fish are of great and growing importance to the bordering countries for domestic consumption and export. Gradually reducing barriers to trade and investment would support trade-led growth in the Indian Ocean. Voyer et al. The period 1960-1980, however, witnessed the emergence of the major regional integration schemes that pushed forward the Continent’s economic integration agenda. 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. Regional integration has a final non-economic disadvantage. This video was developed for a Form Four Social Studies Class to discuss the challenges facing the Caribbean Region. … This will place it in the league of other major players such as China, the USA and the EU. Regional trade volume growth is expected to pick up to 6.5 per cent per year in 2018–2020, and be supportive of regional growth at 5.8 per cent per year in 2018–2020 (see Figure 4). Encouragingly, the share of aid to LDCs increased from 37.5 per cent to 50.2 per cent over the same period. There is a renewed impetus to establish closer economic and political ties among the continent’s numerous countries, based on a heightened appreciation of the need for regional integration and a clearer understanding of the past failures. The European Union has a series of languages that it deems to be the official languages of the EU government. Emphasis is placed on opening markets, eliminating trade barriers a… Economic integration, or regional integration, is an agreement among nations to reduce or eliminate trade barriers and agree on fiscal policies. Forecasts suggest that the Indian Ocean economy will likely account for around a fifth of global GDP by 2025 and its GDP per capita is expected to almost double. These agreements are usually made between nations with smaller economies in order to promote trade within the region. Economic integration, or regional integration, is an agreement among nations to reduce or eliminate trade barriers and agree on fiscal policies. After a literature review in the second section, this article undertakes three related empirical tasks on the period since 2000. The concern for regional cooperation and integration in Africa predates independence. 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. Please check you selected the correct society from the list and entered the user name and password you use to log in to your society website. The book … However, they can have disadvantages, too. What Is Regional Economic Integration? But in terms of trade-led growth and the potential for greater regional economic integration, four challenges appear most pressing. This is partly an issue of the aggregated unit of analysis. Free trade area. The integration processes are complex, due to the controversies that arise among its members. 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.) 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. More fundamentally, skills deficits and difficult business environments deter export-oriented FDI that would allow LDCs to engage in trade in higher value-added sectors. partnership agreements with the European Union and the global economic crisis, regional integration is ‘signifi cantly challenged’ as an approach to the sustainable development of economies. (, Voyer, M., Schofield, C., Azmi, K., Warner, R., McIlgorm, A., Quirk, G. (, Wignaraja, G., Collins, A., Kannangara, P. (, Wignaraja, G., Tyson, J., Prizzon, A., Velde, D. W. te. Regional ... regional integration efforts address multiple challenges at a time. The Indian Ocean has also become of substantial interest to major powers beyond the region and has increasingly become a theatre in which global geo-political rivalries play out. The sixth, related to the previous point, is how to move away from a statist process and institutionalize civil society participation in all key areas of economic decision making. 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). Table 2 provides one such evaluation from the World Economic Forum’s Global Competitiveness report based on a survey of global business leaders’ perceptions and available hard data on ports. Sequencing Significant economic progress over recent decades notwithstanding, development disparities and capacity gaps remain between Indian Ocean economies (see Figure 10). In relation to customs, the ‘trading across borders’ indicator compiled by the World Bank gives an idea of how many hours, on average a country takes for border compliance. Amidst fiscal constraints, many Indian Ocean economies need to undertake public investment in port development and customs modernisation. LKI calculations based on UNCTAD (2018); World Bank (2018c). Regional integration refers to the unification of nation states into a larger whole. Despite the numerous efforts by African states to form regional trading blocs, existing Regional Economic Communities (RECs) in Africa have not been successful achieving their intended objectives of poverty reduction and economic development. It argues that the less than satisfactory progress in regional integration is due to a combination of factors that include poor economic and political governance, nationalist rivalry, mono-cultural agro-based economies, debt and dependency on the West, lack of financial … ASEAN Studies Center, Chulalongkorn University, Thailand, The Indian Ocean and the rise of a multi-polar world order: The role of China and India, Beyond the string of Pearls: Is there really a Sino-Indian security dilemma in the Indian Ocean, Rethinking maritime security in the Indian Ocean region, International Labour Organisation and Brussels: European Commission, ‘Blue economy’ in Southeast Asia: Oceans as the new frontier on economic development, Major opportunities of ‘Blue Economy’ development in Bangladesh, Indian Ocean regionalism: Is there a future, The Sri Lankan Silk Road: The potential war between China and the United States, Research and Information System for Developing Countries, Maritime Transport Database: Foreign direct investment: Inward and outward flows and stock, annual, Maritime security and the ‘blue economy’: Intersections and interdependencies in the Indian Ocean, Will South Asia benefit from Pan-Asian integration, Japan’s export of infrastructure systems: Pursuing twin goals through developmental means, ASEAN-India Centre & ASEAN Studies Center-Thailand, Challenges to Regional Economic Integration, Opportunities and Challenges for Regional Economic Integration in the Indian Ocean, Asian Development Bank [ADB] & Asian Development Bank Institute [ADBI], 2014, https://www.worldatlas.com/articles/the-oceans-of-the-world-by-size.html, https://www.wto.org/english/tratop_e/serv_e/cbt_course_e/c1s3p1_e.htm, http://www.oecd.org/investment/fdiindex.htm, https://www.un.org/development/desa/dpad/least-developed-country-category/ldcs-at-a-glance.html, https://saiia.org.za/research/china-and-africas-natural-resources-the-challenges-and-implications-for-development-and-governance/, http://oceansbeyondpiracy.org/publications/economic-cost-somali-piracy-2012, https://www.cgdev.org/sites/default/files/examining-debt-implications-belt-and-road-initiative-policy-perspective.pdf, http://data.imf.org/?sk=9D6028D4-F14A-464C-A2F2-59B2CD424B85, http://www.imf.org/external/pubs/ft/weo/2018/01/weodata/index.aspx, https://www.atkearney.com/web/global-business-policy-council/article?/a/-2020-seven-growth-economies, https://www.gppi.net/2017/11/02/engaging-with-the-indian-ocean, https://stats.oecd.org/Index.aspx?datasetcode=FDIINDEX#, https://www.stimson.org/content/maritime-commerce-and-security-indian-ocean, https://unctad.org/en/PublicationsLibrary/ditcted 2014d5_en.pdf, http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx, https://www.unescap.org/publications/unlocking-potential-regional-economic-cooperation-and-integration-south-asia-potential, Retrieved from https://www.lki.lk/publication/indian-ocean-rim-association-scaling/, http://www.pmoffice.gov.lk/download/press/D00000000050_EN.pdf?p=7, https://www.odi.org/publications/11202-asia-2025-development-prospects-and-challenges-middle-income-countries, https://openknowledge.worldbank.org/bitstream/handle/10986/26843/115545.pdf?sequence=1&isAllowed=y, http://iresearch.worldbank.org/servicetrade/, http://www.doingbusiness.org/data/exploretopics/trading-across-borders, https://www.wto.org/english/res_e/statis_e/statis_e.htm. 15Based on UNCTAD’s international investment agreement database. A., Alam, M. K. (, Mohanty, S. K., Dash, P., Gupta, A., Gaur, P. (, Pandya, A., Hebert-Burns, R., Kobayashi, J. 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? This includes the 21 members of the Indian Ocean Rim Association (IORA), plus Brunei, Cambodia, the Maldives, Myanmar, Pakistan, Timor-Leste and Vietnam. West Africa: Ecowas - the Challenges of Regional Integration. April 1, 2011, Harri Daniel, 1 Comment. Source: LKI calculations based on IMF (2018d). Furthermore, RCEP addresses the special needs of less-developed ASEAN economies through early elimination of tariffs on products of interest to them and through the provision of development assistance to narrow development gaps. The Indian Ocean Economy’s per capita GDP (current US$) is likely to almost double from US$ 3,200 to US$ 6,150 between 2017 and 2025. 1 States may want to come together for economic reasons or even further to form a political alliance or union. Council on the important role that regional integration and free trade agreements can play “in the establishment of a more equitable world trade system” and therefore fully support and encourage regional integration among developing countries (European Parliament, 2002, p.14). These includes gaps in port infrastructure and onerous customs procedures, NTMs, barriers to services trade and restrictions on FDI. After establishing a single market in the early 1990s, the integration culminated in 1999 with the introduction of the euro in initially 11 EU Member States, which were joined by Greece in 2001, and … Somalia, Yemen. Note: Data not available for Comoros, Iran, Somalia and the Maldives. Other developments and challenges: looking beyond the Customs Union. Vol. 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. 11 February 2009. 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. Some MICs also lack the requisite technical knowledge to build institutions for fostering trade-led growth such as world class ports and bodies for negotiating comprehensive free trade agreements (FTAs). (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. But in terms of trade-led growth and the potential for greater regional economic integration, four challenges appear most pressing. Setting these near-term risks aside and assuming the continuation of the positive economic trends seen since 2000, the Indian Ocean economy is likely to play a notable role in the world economy by 2025 with improved prosperity. … 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. A particular specific aim of the project is to discuss, analyze, and critically evaluate diverse issues related to economic … Downloadable! Achievements and Constraints in Cooperation and Integration 4 IV. The idea of the blue economy emerged at the United Nations Conference on Sustainable Development held in Rio de Janeiro in 2012 (UNCTAD, 2014, p. 2). Integration timeline West Indies Associated States of Ministers • 1966 to 1981 (Eastern Caribbean Common Market) • Support the Windward and Leeward Islands in their progress towards independence OECS • 1981 to 2010 (Treaty of Basseterre) • Economic integration and cooperation in: external relations, human and social development, and defence Daily Trust (Abuja) opinion By Abubakar M. Sambo. Note: As share in sub-region’s total trade (%). 3According to the 2017 Lloyd’s List Top 100 Container Ports Rankings. This structural change is a key source of gains from trade but brings with it costs of adjustment (Francois, Jansen, & Peters, 2011). Free trade area.This is the most basic form of economic cooperation. It could be affected by several policy challenges that could yet undermine the region’s prosperity. While the IMF, the World Bank, and United Nations (UN) provide regular country and regional macroeconomic analysis, this has been confined to more traditional geographic groupings typically based on shared land borders. Meanwhile, China accounted for 28.4 per cent of global container shipping, the USA for 6.8 per cent, Japan for 2.9 per cent and Germany for 2.8 per cent. The CMI hosted the fourth Rencontre Valmer to discuss the challenges of regional economic integration through the lens of the Golden Growth Report. I propose these as some of the key questions to guide our discussion of regional integration over the next two days. The World Bank Group helps its client countries to promote regional integration through common physical and institutional infrastructure. Aavailable online: http://rtais.wto.org and the scope and ambition of these agreements vary significantly. i DECLARATION I declare that this is my … This includes the ASEAN, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), the South Asian Association for Regional Cooperation (SAARC), the Gulf Cooperation Council (GCC), and the Southern African Development Community (SADC). A value of 7 in the scoring system used shows the best possible situation and 1 the worst. Further research by think tanks seems warranted on the feasibility and terms of reference of the IODF. Benefits of Regional Economic Integration. Source: Compiled by LKI based on World Economic Forum (2018). 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. the site you are agreeing to our use of cookies. 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. on imports into Indian Ocean economies fell from 13.8 per cent to 4.6 per cent between 2000 and 2016. This is due to the importance of its maritime trading and communications routes, as well as the rich natural resources of many of its littoral states. The scope of trade liberalisation among these FTAs also varies significantly, with some covering only goods, while others also incorporate rules on trade in services and investment. Example is the West African Gas Pipeline. The article reviews the economic effects of such agreements on member countries and on the world trading system. 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