Importance of economic integration

Business studies study module

Economic integration will ensure the following benefits for the member countries;

  • Availability of wider market for the goods and services produced the member countries. This enables them to produce to their full capacity
  • It enables the country to specialize in the goods they produce best, making them to effectively utilize their resources
  • It leads to promotion of peace and understanding among the member countries through interaction
  • It leads to high quality of goods and services being produced in the country due to the competition they face
  • It allow members to get access to wider variety of goods and services which satisfy different consumer needs
  • It leads to creation of employment for individuals living within the region, as they can work in any of the member country
  • It increase the economic bargaining power in trading activities the countries forming a trading bloc
  • Improvement of the infrastructure in the region due to increased economic activities.
  • It brings about co-ordination when developing industries, as the members will assign the industries to each other to create balance development and avoid unnecessary duplication

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