Q 26.

What is economic integration Elimination of tariff and non-tariff barriers to the flow of goods, services, and factors-of-production between a group of nations, or different parts of the same nation. Meaning of Economic Integration: A process whereby countries cooperate with one another to reduce or eliminate barriers to the international flow of products, people or capital

Takes place either on region or commodity Levels Of Regional Economic Integration: Five levels of regional integrations: 1. Preferential Trade Agreement 2.Free Trade Area 3. Customs Union 4.Common Market 5. Economic Union 6. Political Union