It has given nations the options of cooperation and competition. However, as the blue economy concept narrowly refers to the economic importance of ocean resources and ocean-related sectors in a given economy, it excludes the full breadth of economic activity that takes place in the 28 Indian Ocean economies and could be affected by the knock-on impact of a deterioration in maritime security. These include escalating trade conflicts between major economies, rising interest rates driven by the tightening of monetary policy in advanced economies, rising oil prices and waning investor confidence in emerging markets. The Indian Ocean region’s economy—henceforth the ‘Indian Ocean economy’—is in the international spotlight. A greater fall from 7.6 per cent to just 2.8 per cent is visible when assessed using the weighted average tariff rate, which weights the tariff applied to each good by that particular product’s importance in trade flows. Daily Trust (Abuja) opinion By Abubakar M. Sambo. The email address and/or password entered does not match our records, please check and try again. of the integration process, and the current challenges. For example, the IMF produces a bi-annual World Economic Outlook report as well as several Regional Economic Outlook reports, including for the Asia-Pacific, Sub-Saharan Africa, the Middle East and Central Asia (IMF 2018a, 2018b). This paper examines regional economic integration challenge in Africa locating key issues within theory and practice. 14A full list of bilateral FTA in the Indian Ocean is available in Wignaraja Collins, and Kannangara (2018). March 3-4, 2016. Similarly, the weighted tariffs are higher on agricultural goods than manufactures and minerals. 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. The first is how to build regional blocs that go beyond trade to include industrial policy, a shared agricultural... 2. It could also give special priority to projects that foster regional integration efforts between one or more economies across the Indian Ocean’s three sub-regions (e.g., projects between African and South Asia economies). Focus more on South-South Trade. MULTILATERAL INSTITUTIONS AND ACCESS TO INFORMATION, Walden Bello: ‘It is time to aim beyond capitalism’, A visit to India’s Singhu Border protest camp, The political education of Thailand’s dissident youth, Civil society demand Laos government reveal Sombath’s fate, On the passing of our comrade Soren Ambrose, The WTO and Developing Countries: a Foreign policy in Focus Brief on WTO, Farmers demand government to repeal Rice Liberalization Law, Neoliberalism as hegemonic ideology in the Philippines: rise, apogee, and crisis, Philippines: Informal Workers face brunt of COVID-19 Lockdown, Right to Food and Food Security in the Philippines: What the Numbers Say, Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. Aavailable online: http://rtais.wto.org. The EPA negotiations revealed important gaps between political ambitions and economic reality in African regional integration. Addis Ababa, Ethiopia, 2006, report, 95% of members, are member to another REC. Meanwhile, world growth slipped from an annual average of 4.3 per cent to just 3.6 per cent in the two sub-periods. Accordingly, there have been high-level political calls by Sri Lanka’s Prime Minister for the establishment of an Indian Ocean Development Fund (IODF) to enhance economic development in regional economies (Wickremesinghe, 2016). At a sub-regional level, the quality of ports in South Asia (4.2) and Africa and the Middle East (4.2) are slightly ahead that of East Asia and the Pacific (4.1). Assessing Regional Integration in Africa II, (ARIA II),Rationalising Regional Economic Communities. This is linked to the growing importance of trade between sub-regions in the Indian Ocean, rather than deepening integration within these sub-regions (see Figure 3). Trade liberalization and export promotion 3. In the third section, it surveys the region’s recent economic performance and regional integration. Available online: http://investmentpolicyhub.unctad.org/. One response to this crisis has been to dump export-oriented industrialization and reemphasize the primacy of the national market in sustaining economic growth. 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. The challenges of regional integration in Southern Africa Mark Chingono* and Steve Nakana University of Zimbabwe, P. O. An estimated 40 per cent of the world’s offshore oil production comes from the Indian Ocean. See, ADB (2010) and Wignaraja (2014). The European Union has a series of languages that it deems to be the official languages of the EU government. Voyer et al. Let me mention some of these challenges to contemporary regionalism in Latin America and other parts of the South. 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. For example, the share of South Asia’s trade with the rest of the Indian Ocean has increased from 18.1 per cent in 2000 to 21 per cent in 2017. Large reserves of hydrocarbons are being tapped in the offshore areas of Saudi Arabia, Iran, India, and Western Australia. For instance, the plan to build oil and gas pipelines from Venezuela to the furthermost areas of South America is probably dangerous and damaging not only to the environment but also to the indigenous peoples. Similarly, intra-sub-regional trade in Africa and the Middle East has nudged up from 8.4 per cent to 11.1 per cent of total trade between 2000 and 2017. History shows that many states across the globe enter into regional agreements for economic purposes. 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. 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). Amidst fiscal constraints, many Indian Ocean economies need to undertake public investment in port development and customs modernisation. See, ADB (2010) and Wignaraja (2014). He goes so far as to call IORA ‘a regional non-starter’ as its members are too diverse and geographically scattered for any meaningful integration to take place. These inter-governmental institutions have limited powers delegated by members, lack formal rules or legal structures, have inadequate financial resources and lack permanent secretariats. However, they can have disadvantages, too. ASEAN’s idea of integration is to see it as a step towards full-scale globalization, a process that is termed “open regionalism.” The most interesting efforts at integration, in the view of many, are those taking place in Latin America, among them Trade Treaty of the Peoples and ALBA or the Bolivarian Alternative for the Americas to which eight countries now belong. While there is no agreed definition of this concept (Doyle, 2018, p. 1), environmental sustainability is a central focus. These experiences are at an early stage and yet they already contain lessons for other parts of the world. Accepted 12 September, 2008 Regional integration is increasingly being accepted as essential in facilitating economic and political development. However, these competing large-scale initiatives and donor programmes may also present some challenges to recipients, including a lack of coordination between competing donors, differing social and environmental standards, insufficient progress on the domestic regulatory reforms needed to maximise the benefits of new infrastructure and risks to debt sustainability in recipient economies (see Hurley, Morris, & Portelance, 2018; Yoshimatsu, 2017). The Indian Ocean economy grew by an annual average of 5.6 per cent per year during 2000–2008 and slowed slightly to an average of 5.1 per cent in 2011–2017, led by a strong performance in South Asia (see Figure 4). 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. While the diversity of the region presents an opportunity for mutually beneficial trade based on each country’s comparative advantage, development gaps impede LDCs from fully engaging in trade-led growth. Furthermore, with the exception of some major economies (such as India, Indonesia and Singapore), most Indian Ocean economies are absent from a medium-term economic perspective studies (see Asian Development Bank [ADB] & Asian Development Bank Institute [ADBI], 2014; Kearney, 2015). The third is how to promote a development process that does not reproduce social inequalities at the regional and national levels in the name of capital accumulation. Nonetheless, the numbers of NTMs initiated and notified to the WTO by Indian Ocean economies increased steadily from 128 to 348 between 2000 and 2010 and still further to 686 in 2017.66LKI calculations based on WTO (2018). Accordingly, the speed, stages and sequencing of trade and investment reforms need to be tailored to individual national circumstances and be accompanied by suitable trade adjustment programmes to retrain workers in sectors displaced by foreign competition and provide better financial access for small and medium enterprises (SMEs). Challenges to regional integration: the case of SADC By Henning Melber∗ At the beginning of the 21st century, Swedish authorities drafted and ultimately adopted (on 27 June 2002) a “Swedish Strategy for Support for Regional and Subregional Development Cooperation in Sub-Saharan Africa” as a framework for the period until 2006. Africa and the Middle East (23 days) is the worst performing sub-region. Goods and services trade links within the region and beyond have deepened to an unprecedented extent. Table 2 provides some indicators to compare trade-related infrastructure and trade barriers in the Indian Ocean economy against the OECD.44Policy benchmarking is increasingly used in studies of regional integration. Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. Especially strong integration -- like the European Union -- can lead to the loss of unique minority cultures within a region. … Further research by think tanks seems warranted on the feasibility and terms of reference of the IODF. i DECLARATION I declare that this is my … Regional Integration and Challenges of Africa’s Development 7 V. Regional Economic Communities - The Capacity Challenges 8 VI. The Indian Ocean is an increasingly important component of the world economy. What Is Regional Economic Integration? As such, there is scope to reassess the situation. The discrimination is something which depends on community and country discrimination as well. 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.). A combination of coherent national and regional policy measures are needed. Member countries remove all barriers to trade between themselves but are free to independently determine trade policies with nonmember nations. On 4 July 1998, the Caribbean Community (CARICOM) celebrated its twenty-fifth anniversary. (. 10This accounted for 15.9 per cent of world ODA flows in 2016, but is less than US$ 10 per person. It would also help to insure against rising protectionist tendencies internationally, as well as strengthen global and regional value chains. These includes gaps in port infrastructure and onerous customs procedures, NTMs, barriers to services trade and restrictions on FDI. Civil society must not only provide a check to both the state and the market, but it must be the leading force in the new economics. 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. While other regions have successfully used their integration mechanisms to improve their economic Downloadable! If you have access to a journal via a society or association membership, please browse to your society journal, select an article to view, and follow the instructions in this box. In reality the question of regional integration is also related to an extraordinary … Services trade takes different forms, including selling a service across national boundaries, setting up a subsidiary, sending an employee overseas to provide a service, as well as tourism and educating foreign students.77https://www.wto.org/english/tratop_e/serv_e/cbt_course_e/c1s3p1_e.htm Similarly, services trade barriers can range from licensing or accreditation to provide a service in a country, to restrictions on foreign companies in certain sectors or even tourist visa fees. The EAC seems to be the most vibrant Regional Economic Community (REC) in the Southern hemisphere and is tremendously advancing in its integration process: however, crucial issues remains to be addressed. This is based on the notion that greater demand for maritime security will trigger increased investment in these security capabilities and therefore drive economic activity. Note: Data not available for Comoros, Iran, Somalia and the Maldives. Sign in here to access free tools such as favourites and alerts, or to access personal subscriptions, If you have access to journal content via a university, library or employer, sign in here, Research off-campus without worrying about access issues. Generate global competition 5. 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. He is the author of 15 books, the latest of which is The Food Wars (New York: Verso, 2009). 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). A third strand of research examines the possibilities for regional economic cooperation primarily through the IORA, which counts 21 littoral states as members. Economic integration, or regional integration, is an agreement among nations to reduce or eliminate trade barriers and agree on fiscal policies. Those challenges include socio-economic inequality within the country and the region, and the lack of policy coordination and national capacity in implementing regional projects. Significant economic progress over recent decades notwithstanding, development disparities and capacity gaps remain between Indian Ocean economies (see Figure 10). However, the average effective tariff rate is generally below 10 per cent across the board. Simply select your manager software from the list below and click on download. Available online: https://www.worldatlas.com/articles/the-oceans-of-the-world-by-size.html (accessed on 26 July). Macroeconomic monitoring occurs at the economy level but these national exercises are combined under different regional headings (International Monetary Fund [IMF], 2018a, 2018b). However, to benefit from liberalisation, factors of production need to be reallocated between and within sectors. They range from the GCC’s customs union, which removes all internal tariff barriers and imposes a common external tariff, to the South Asian Free Trade Agreement between SAARC members, which originally only covered goods and allowed members states to maintain large negative lists that exclude products from tariff reductions (UNESCAP, 2017, p. 6). An additional issue is the risk of some MICs confronting situations of rising inequality as growth has not always been pro-poor and external shocks remain problematic. Figure 11 depicts the hub of the network as IORA, which covers the majority of the Indian Ocean economies. Some elements of the ALBA perspective, as expressed by some people, reflect the perspective of 1950’s-style national capitalist industrialization, which is probably not suitable for the current period. CHALLENGES TO REGIONAL INTEGRATION IN AFRICA: THE CASE OF THE REVIVED EAST AFRICA COMMUNITY 2000-2012 GICHOHI MARVIN MUHAMMAD R50/69883/2011 A THESIS SUBMITTED IN PARTIAL FULFILLMENT FOR THE DEGREE OF MASTER OF ARTS IN INTERNATIONAL STUDIES.INSTITUTE OF DIPLOMACY AND INTERNATIONAL STUDIES, UNIVERSITY OF NAIROBI … Note: 2018–2020 data are based on the continuation of post-crisis average growth rate. Available at: http://www.oecd.org/investment/fdiindex.htm, accessed on July 2018. For instance, it is below US$ 100 per person even in Mozambique where the poverty rate is around 60 per cent. Trades in different countries have certain restrictions as well as some tariffs, which can be issued in a very discriminatory manner for sure. Discover the world's research 19+ million members 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). Practice has shown over time that when states take comparative advantage of … 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. A classic hub and spoke network of some 11 regional institutions and FTAs are involved in governing the Indian Ocean economy and furthering regional economic integration. Sharing links are not available for this article. … 1. It is notably lower in other economies that have significant trade-related needs and high poverty. Moreover, improved political cooperation due to regional economic integration is also vital for handling the economic and social challenges linked to globalization. Its fish are of great and growing importance to the bordering countries for domestic consumption and export. You can be signed in via any or all of the methods shown below at the same time. Regional integration has a final non-economic disadvantage. Encouragingly, the share of aid to LDCs increased from 37.5 per cent to 50.2 per cent over the same period. R50/82648/2015 A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR AWARD OF MASTERS OF ARTS DEGREE IN INTERNATIONAL STUDIES October 2016. ii . Advances and Challenges in Regional Integration Jointly organized by Hitotsubashi University and the IMF Regional Office for Asia and the Pacific. A., Alam, M. K. (, Mohanty, S. K., Dash, P., Gupta, A., Gaur, P. (, Pandya, A., Hebert-Burns, R., Kobayashi, J. However, murky non-tariff measures (NTMs) do impede Indian Ocean trade. LDCs are thought to be vulnerable to economic and environmental shocks and have low levels of human development. Stages of economic integration . 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. Free trade area. Contact us if you experience any difficulty logging in. This article examines the global rise of the Indian Ocean economy and the challenges to building greater economic linkages within this region. Chulalongkorn University, Phayathai Road Looking ahead, the Indian Ocean’s economic rise is also susceptible to several challenges that could yet undermine further economic integration and the region’s prosperity. Another step would be to encourage linking the various sub-regional and bilateral FTAs in the region to a mega-regional trade agreement with common trade rules and standards. Except where otherwise noted, content on this site is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. Please read and accept the terms and conditions and check the box to generate a sharing link. However, inter-country comparisons of the quality of port infrastructure are difficult due to measurement problems, statistical gaps and the inherently subjective nature of such evaluations. This product could help you, Accessing resources off campus can be a challenge. Mohanty et al. Container traffic through its ports has increased fourfold from 46 million TEUs in 2000 to 166 million TEUs in 2017, and is on course to reach over 190 million TEUs by 2020 (see Figure 2). Regional integration refers to the unification of nation states into a larger whole. Our projections suggest that the Indian Ocean economy is likely to play a larger role in the world economy with rising prosperity by 2025. of the earth’s total water and its land area, covering 17.5 per cent22Authors calculations based on data from the Food and Agriculture Organization. That said, several risks could tilt the regional economic outlook to the downside, at least in the short term. Challenges of Regional Integration 1. 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). Regional trade integration is also increasing particularly trade between the sub-regions. Some workers face temporary unemployment and income losses through lost jobs to international competition. Lean Library can solve it. Post-independence regional economic integration and cooperation efforts resulted in a variety of initiatives with overlapping Example is the West African Gas Pipeline. This includes the 21 members of the Indian Ocean Rim Association (IORA), plus Brunei, Cambodia, the Maldives, Myanmar, Pakistan, Timor-Leste and Vietnam. Regional integration is seen as a rational response to the difficulties faced by a continent with many small national markets and landlocked countries. A conscious effort to expand economic and political space as well as the needed instrument to strengthen integration in Africa. The international research project “Challenges and Opportunities of Economic Integration within a Wider European and Eurasian Space” focuses on plausible futures of economic cooperation in the Greater Eurasian space and interplay between different integration processes in the region. Let me mention some of these challenges to contemporary regionalism in Latin America and other parts of the South. The multiple spokes include several mostly smaller sub-regional institutions that count Indian Ocean economies among their membership. Login failed. The e-mail addresses that you supply to use this service will not be used for any other purpose without your consent. Today, the Indian Ocean hosts 23 of the world’s top 100 container ports.33According to the 2017 Lloyd’s List Top 100 Container Ports Rankings. 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. Data is problematic as economies fail to report NTMs to the WTO and difficulties exist in quantifying the relative significance of different NTMs. HEADQUARTERS These are (a) port and customs quality, (b) barriers to trade and investment, (c) development gaps, and (d) nascent regional economic governance. Economic Integration: Meaning, Types, & Benefits of Economic Integration October 18, 2019 By Hitesh Bhasin Tagged With: Management articles The industry works at a different pace in the present times, and there are certain techniques which can be used only in case there is a particular economic angle provided to it in the first place. This will place it in the league of other major players such as China, the USA and the EU. Views expressed in the article are authors’ own. The near-term outlook for the Indian Ocean economy also appears more favourable than the for the world economy as a whole. 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