Integration for COMESA Countries
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The paper discusses how the Common Market for Eastern and Southern Africa (COMESA) countries should follow a path of increased integration in order to maximize the benefits of their economic union. The paper identifies the external and internal benefits of integration and explains why increasing integration through COMESA is the best means available to African nations to accelerate their economic progress in a globalized world. Next, the paper brings reasons why COMESA nations should not increase their level of integration, and also discusses the advantages and disadvantages of regional integration. The paper discusses how COMESA can provide the opportunity to improve upon the existing economic operations of countries within the region by providing protection against exploitation by non-African nations and by providing a greater internal market for goods produced.
From the Paper:"COMESA nations should not increase their level of integration. Increased integration essentially equates to increasing governmental intervention in markets. While there is appeal to increased intervention on the part of African governments, such intervention effectively slows trade and investment in the long run. The European Union, bogged down by excess regulation designed to smooth the integration process, has a lower level of technology investment than does the United States (Greenspan, 2000). Europe's rules to protect workers have also rendered their companies far less flexible to change, putting them at greater risk of failure (Ibid.).
"The other main reason that COMESA nations should not pursue greater integration is that such integration places significant strain on the administrative resources of a country. Many COMESA nations have unstable political situations and relatively poor political infrastructure. There is reasonable doubt as to whether or not COMESA governments can effectively manage the process of increased integration, in light of stability and experience issues. The COMESA nations would be best served improving their own governmental infrastructure, education systems and other facets of domestic political economy before pursuing ambitious plans to increase integration."
Sample of Sources Used:
- COMESA.int website, various pages. (2010). Retrieved August 28, 2010 from http://www.comesa.int/
- Mussa, M. (2000). Factors driving global economic integration. IMF. Retrieved August 28, 2010 from http://www.imf.org/external/np/speeches/2000/082500.htm
- Greenspan, A. (2000). Global economic integration: Opportunities and challenges. The Federal Reserve Board. Retrieved August 28, 2010 from http://www.federalreserve.gov/boarddocs/speeches/2000/20000825.htm
- Zambia Development Agency. (no date). COMESA customs union. Zambia Development Agency. Retrieved August 28, 2010 from http://www.zda.org.zm/213-comesa-customs-union
Cite this Term Paper:
Integration for COMESA Countries (2013, April 26) Retrieved December 02, 2020, from https://www.academon.com/term-paper/integration-for-comesa-countries-152759/
"Integration for COMESA Countries" 26 April 2013. Web. 02 December. 2020. <https://www.academon.com/term-paper/integration-for-comesa-countries-152759/>