IGNOU MS 97 2017 - There are some 200 economic integrationagreements in effect around t

Question

There are some 200 economic integration
agreements in effect around the world already,
far more than even a few years ago. Virtually
every country is now a party to one or more free
trade agreements. Supporters argue that free
trade is good for nations. What is the basis for
their support ? What are the specific benefits that
countries seek by joining in economic bloc ? From
your perspective, what advantages has bloc
membership brought to your country ? What
disadvantages has bloc membership produced ?

20 Apr 2018

Answer :

Word Count : 620

The growing number of economic integration agreements worldwide reflects the increasing commitment of nations to open markets and foster deeper economic ties. Free trade agreements (FTAs) and economic blocs are seen as vehicles for promoting mutual economic benefits. Supporters of free trade argue that it is beneficial for nations because it enhances efficiency, boosts economic growth, and leads to better consumer welfare. At the core of their argument is the idea that by lowering trade barriers, countries can specialize in the production of goods and services in which they have a comparative advantage, leading to increased productivity and lower costs.

Countries that join economic blocs typically seek several specific benefits. First and foremost, economic integration creates a larger market for goods and services. By

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