economic integration
Economic integration refers to the process by which countries reduce trade barriers and increase economic cooperation. This can involve the elimination of tariffs, the establishment of free trade agreements, or the creation of a common market. The goal is to enhance trade and investment among participating nations, leading to greater economic efficiency and growth.
There are different levels of economic integration, including free trade areas, customs unions, and economic unions. Each level represents a deeper commitment to collaboration, with economic unions involving not only trade but also shared policies on various economic matters. This integration can benefit countries by expanding markets and fostering competition.