Enhanced political cooperation Yet, for years, the implementation of the CSME stalled due to the absence of a common view as to its feasibility, the speed of its implementation, the institutional capacity, programming for public education and ultimately, its benefits. Encourages a greater consensus, and allows for political cooperation. Regional integration helps countries overcome divisions that impede the flow of goods, services, capital, people and ideas. Closer to home there is ALBA, formally the Bolivarian Alliance for the Peoples of Our Americas an intergovernmental organization based on the idea of the social, political and economic integration of the countries of Latin America and the Caribbean. AEC will permit simple movement of services, goods, capital, investment, and … CARICOM is one of the oldest integration schemes in the Western Hemisphere, the largest in terms of membership, yet by far the smallest in economic and geographic terms. A new World Bank study “Open and Nimble: Finding Stable Growth in Small Economies” shows that economic size measured by the size of working age population does not matter to the development and economic growth of countries in Latin America and the Caribbean. Regional integration in Southeast Asia (ASEAN): The impact and Implication. The main theme running through the idea of regional integration is co-operation. This in turn will help to inform future strategic engagement by different stakeholders with a view to facilitating and assisting in the development of the regional integration agenda, by: 1. Recent. Experience elsewhere shows that regional integration also strengthens the ability of countries to cope with negative shocks. It can also help restructure economies from contracting to expanding sectors, resulting in a net employment gain across the region. Regional integration 1. . The integration indices, which measure the degree of intraregional economic and institutional integration, suggest that Caribbean community’s integration has proceeded in several waves, with periods of integration followed by slowdowns in progress, including in removing remaining tariff and non-tariff barriers to trade and constraints on intraregional labor movement. Regional integration leads to cultural centralization, which can result in the loss of unique cultures within a region. In various ways, these agreements make … These differences, however, should not be regarded as sources of conflict, but as sources of diversity, beauty and inspiration. The Caribbean authorities broadly agree that integration should remain a top priority and greater collaboration is critical to tackle common challenges. on the creation of benefits for the region and on the distribution of those benefits. Harmonizing economic and structural policies to support a single economic space is still work in progress, with lacking harmonization and coordination of investment codes, tax incentives, and macroeconomic policies. © 2020 International Monetary Fund. Greater cooperation is the key to furthering regional integration in the Caribbean. 3 Theoretical arguments and historical experience suggest that nondiscriminatory free trade is the “first best” policy option, both from global and individual country perspectives. Its rich democratic history, generally strong institutions, and impressive social indicators (notably on education and health) provide a solid foundation for working together as a region to compete effectively in the global economy. That is, regional integration should not be an end-goal, but a means to an end of deepening Caribbean integration into the global economy. INTRODUCTION Regional economic integration has a fairly long history in virtually all parts of Sub-Saharan Africa (SSA). Regional Integration in the Caribbean. Hendrikstraat 69, Paramaribo, Suriname . Regional Integration is when an economic alliance or trade agreement is formed among countries that are located geographically close to one another. Cons: Lowers sovereignty, shift of employment, inefficient trade diversion from productive exporters to less capable exporters. Regional integration is the process by which two or more nation-states agree to co-operate and work closely together to achieve peace, stability and wealth. www.jamaicaobserver.com/columns/Caribbean-integration-in-shackles_16528… With more resources the regions can compete globally. The following article takes a look at the benefits of regional economic integration. According to the latest IMF research, further liberalizing trade and labor mobility in the region can generate significant economic benefits—potentially over 7 percent of the region’s GDP in 2018. Financial integration has proceeded faster with tightly-interconnected financial systems across the region, but capital markets remain underdeveloped and fragmented. Addressing impediments to institutional integration by harmonizing and rationalizing institutions and processes across the region and resolving resource/capacity constraints; Facilitating an equitable distribution of benefits through well-structured, adequately-resourced mechanisms to help realign national and regional interests; Enhancing functional policy coordination in the areas of common challenges, including building climate resilience, containing violent crime, and coordinating tax policies and systems to limit harmful competition; and. Your feedback is very helpful to us as we work to improve the site functionality on worldbank.org. A combination of institutional, political economy, and structural factors underlie the slower implementation of integration policies. In your article, first identify TWO areas, apart from agriculture, in which CARICOM members cooperate. “Being more nimble can help them remain competitive when facing external shocks. Major challenges facing the Caribbean Region 1. In the wake of its historic anniversary, many have reflected on the Community's past achievements and future prospects. We can describe integration as a scale, with 0 representing no integration at all between two or more countries. Explanation: Students will be paired and given handouts highlighting areas of regional integration in the Caribbean. The IMF Press Center is a password-protected site for working journalists. Investing in shared public services, such as a regional transportation infrastructure, would allow cost pooling and … People walk by a waterfront in St. George's, Grenada, which has been a member of the Caribbean Community (CARICOM) since 1974 (photo: iStock/oriredmouse). * August 2006 Abstract Economic and political integration have been a perennial and neuralgic issue in the Caribbean agenda. “The analysis shows that while small economies are more open to trade and foreign investment, and highly specialized in their export sectors, they are also more nimble and able to change the structure of their economies and exports overtime”, said Daniel Lederman, World Bank Deputy Chief Economist and lead author of the report. December 15, 2014 . So, like all regional integrations the formation of CARICOM comes with its advantages and disadvantages. Regional Integration is when an economic alliance or trade agreement is formed among countries that are located geographically close to one another. Lack of diversification 3. WASHINGTON, March 30, 2017 – New World Bank analysis launched today at a conference co-organized with the Miami Herald “The Caribbean Dilemma” highlights common challenges faced by small economies and identify shared solutions to generate sustainable growth in the region. April 1, 2011, Harri Daniel, 1 Comment. Yet, for years, the implementation of the CSME stalled due to the absence of a common view as to its feasibility, the speed of its implementation, the institutional capacity, programming for public education and ultimately, its benefits. The Caribbean and Cuba: Cuba and the Caribbean: A Reflection. Thirdly, education and cultural exchanges have the potential to enhance regional integration for the benefit of all members. This page in: English; Español; Email; Print; Tweet; Share; Share WASHINGTON, March 30, 2017 – New World Bank analysis launched today at a conference co-organized with the Miami Herald “The Caribbean Dilemma” highlights common challenges faced by small economies and identify shared … regional integration has most certainly begun, but it is not as far advanced as in other parts of the world. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. Why has progress in regional integration been slow for the Caribbean? 1. Thank you for agreeing to provide feedback on the new version of worldbank.org; your response will help us to improve our website. Differing export/production structures and income and development levels make it challenging to harmonize economic and structural policies around well-integrated policy frameworks. Unemployment and underemployment 4. Small size, small national markets 2. Benefits Of Regional Economic Integration. In the absence of a facilitating regional architecture, cooperation must rely on well-aligned national interests and shared goals, but national incentives do not seem to be well-aligned for integration, with its potential benefits perceived by some as uncertain, potentially uneven, and only materializing over a long horizon. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Major challenges facing the Caribbean Region 1. What is in it for CARICOM? Labeled Map of the Caribbean 5. Integration timeline West Indies Federation • 1958 to 1962 (British Caribbean Federation Act) • First … While policymakers of the Caribbean Community (CARICOM) remain committed to further integration and progress has been made, the implementation of integration initiatives and policies toward the goal of a regional economic union has been slow and needs to be accelerated. BENEFITS OF REGIONAL INTEGRATION There are many beneficial factors which have been produced due to regional integration of the Caribbean states. This paper draws on the literature on trade, growth and regional agreements to discuss the motivation behind the Caribbean drive for integration, the results obtained so far and what is in stock for the future. The Caribbean economies have long recognized the value of working together. In addition to the several benefits that highly competitive sport can have on the region as a whole, it can also have a positive impact on individuals in society as participation in sporting activities can lead to a greater awareness for the need to be physically fit and can promote the need for healthy lifestyle choices, which is overlooked in the Caribbean. Regional Integration in the Caribbean. This … In Southern Africa in particular, with its comparatively small economies, r egional integration was meant to play a crucial role in pursuing common stratgic interests for the successful economic development of the countries involved. Improving regional integration—for instance, through more intraregional trade and policy coordination—can help the region’s small-size economies build greater resilience and scale, as well as enhance bargaining power on the global stage. 2012b. Then, give THREE reasons why cooperation in … On 4 July 1998, the Caribbean Community (CARICOM) celebrated its twenty-fifth anniversary. Regional integration has been considered an important and successful tool of economic growth and development. The first movement toward integration, the West Indian Federation began in 1958, but subsequently failed in 1960. The authors lay out key priorities to promote sustainable growth in the Caribbean and other small economies: Deeper regional integration to allow cost sharing and risk pooling would promote stable growth. Their mission is be a major regional institution contribution to the sustainable development of the OECS Member states by assisting them to maximizes the benefits from their collective space, by faciliting their intelligent integration with the global economy (Lindsey, 2013, p56). A 25-percent reduction in non-tariff barriers and trade costs within CARICOM and vis-à-vis non-CARICOM trade partners can boost trade and improve welfare gain for all members—at about $6 billion, or 7.6 percent of the region’s GDP in 2018. This is a video giving information on The Benefits of Regional Integration , under the topic Challenges and Opportunities of Regional Integration. Regional integration leads to cultural centralization, which can result in the loss of unique cultures within a region. Benefits of Regional Economic Integration. In Regional Integration: Key to Caribbean Survival and Prosperity, ed. Lack of diversification 3. For this reason, and since CARICOM offers a unique example of moving from a free trade area to a customs union, this aspect of Caribbean integration will be our major focus. Where it all started . , Registrar . In fact, some of the smaller economies in Latin America and the Caribbean such as Panama and the Dominican Republic are growing much faster than the region’s giants. The main theme running through the idea of regional integration is co-operation. Blank Map of the Caribbean 4. Regional integration usually begins with economic integration and as it continues, comes to include political integration. What are the pros and cons of Regional integration? Is has been positive for Mexico because we have seen a reduction on poverty rates, real income rises, lower food prices. In addition to the several benefits that highly competitive sport can have on the region as a whole, it can also have a positive impact on individuals in society as participation in sporting activities can lead to a greater awareness for the need to be physically fit and can promote the need for healthy lifestyle choices, which is overlooked in the Caribbean. The organisation was established in 1973. In fact, small economies such as Costa Rica and Caribbean countries have been more successful in reinventing themselves than larger economies”. Students are expected to read through the handout together and identify at least two areas of regional integration in the Caribbean. Latin America and the Caribbean region saw faster economic and wage growth thanks to a lowering of trade barriers, a new report by the Inter-American Development Bank shows. . The Caribbean Community (CARICOM or CC) is an organisation of fifteen states and dependencies throughout the Caribbean having primary objectives to promote economic integration and cooperation among its members, to ensure that the benefits of integration are equitably shared, and to coordinate foreign policy. Google Scholar ———. • Benefits of regional integration • The role of individuals, businesses and government in the integration process • The role of regional agencies in the integration process. CARICOM is the oldest existing integration movement in the developing world. CARIBBEAN COMMUNITY – BENEFITS AND CHALLENGES OF REGIONAL INTEGRATION Presented by: Barry Headley, Senior Economist . REGIONAL INTEGRATION PAST PAPER QUESTIONS 1 Q1: May 2008, Q6: THE IMPORTANCE OF REGIONAL COOPERATION Write an article for a newspaper on the above topic. Chapter 4 unravels the challenges in using history as a springboard towards integration in the Caribbean and why other drivers such as culture, technology, and academia stand as important bearers in forging a united Caribbean. Usually integration involves one or more written agreements that describe the areas of cooperation in detail, as well as some coordinating bodies representing the countries involved. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Thank you for participating in this survey! CARICOM is one of the oldest integration schemes in the Western Hemisphere, the largest in terms of membership, yet by far the smallest in economic and geographic terms. “Tourism is the most important industry in the OECS, ranging from 26 percent of GDP in St Vincent and the Grenadines to 74 percent of GDP in Antigua and Barbuda. CARICOM Competition Commission . The study also provides policy recommendations to ensure the region is better positioned to take advantage of trade liberalization and make its benefits more tangible to citizens. Ten would represent complete integration between two or more countries. Regional integration in Southeast Asia (ASEAN): The impact and Implication. Because these are small economies, diversifying sources of growth and revenue is difficult, which makes them particularly vulnerable to trade volatility”, said Francisco Carneiro, World Bank Lead Economist for the Caribbean. Ten would represent complete integration between two or more countries. ensuring financial stability in an increasingly more interconnected financial system. Therefore in order to fully understand and appreciate the importance of these efforts at integration, , a review at all levels is important. Small size, small national markets 2. Before you leave, we’d love to get your feedback on your experience while you were here. Regional integration usually begins with economic integration and as it continues, comes to include political integration. The integration of deported and returned migrants. "The CARICOM Single Market and Economy (CSME) has for years been touted as the most critical pillar in Caribbean regional integration. This is a video giving information on The Benefits of Regional Integration , under the topic Challenges and Opportunities of Regional Integration. Regional Integration: Concepts, Advantages, Disadvantages and Lessons of Experience1 1. These divisions are a constraint to economic growth, especially in developing countries. At this sub-regional level Africa’s integration is the most important response to globalisation, although progress is painfully slow and the problem of countries belonging to different regional organisations needs to be resolved. “This conference takes a long-term view and focuses on key priorities and policies for the region that can help boost growth, building on lessons from other small economies". Kenneth Hall and Myrtle Chuck-A-Sang, 34–67. Some regional authorities attribute the slow pace of implementation to a “crisis of will,” as much as to wasteful duplication and slow progress in harmonizing legal and institutional frameworks and to binding resource/capacity gaps. Tweet Append below in salient points the advantages and disadvantages of economic integration: Advantages Of Economic Integration Trade Creation: Member countries have (a) wider selection of goods and services not previously available; (b) acquire goods and services at a lower cost after trade barriers due to lowered tariffs or removal of tariffs (c) encourage more […] It is important to capitalize on this momentum. Google Scholar. The purpose of this study is to analyse the Caribbean regional integration process, to help identify options for moving it forward. Regional economic integration refers to the agreement amongst countries within a certain geographic area for reducing and ultimately removing tariff barriers, making sure there is better flow of services or goods through the respective nations. Benefits of Regional Economic Integration. Groups will then share their answers with the class to foster a discussion. Benefits of Regional Integration for Thailand The integration will create more regional collaboration and will enhance the scale productivity, enthusiasm, and ambition of Asean members. Groups will then share their answers with the class to foster a discussion. The authors lay out key priorities to promote sustainable growth in the Caribbean and other small economies: You have clicked on a link to a page that is not part of the beta version of the new worldbank.org. Trade gains are one of the major advantages of regional integration for individual member states. In the wake of its historic anniversary, many have reflected on the Community's past achievements and future prospects. We can describe integration as a scale, with 0 representing no integration at all between two or more countries. Regional Integration. This in turn will help to inform future strategic engagement by different stakeholders with a view to facilitating and assisting in the development of the regional integration agenda, by: 1. • Benefits of regional integration • The role of individuals, businesses and government in the integration process • The role of regional agencies in the integration process. Besides the European Union, other trade-related regional integration policies include numerous agreements in Africa: for example, the Southern African Customs Union Agreement, the Multilateral Monetary Agreement and the Indian Ocean Commission. Regional integration has been beneficial to … In the case of both the European Union and the East African Community there are three outstanding benefits that regional integration can bring. At a time when momentum for economic integration seems to have stalled, close cooperation in high priority areas for the region can help demonstrate benefits of coordinated action and serve as a building block to the ultimate goal of full integration. Cultural differences between and within states will continue to exist both in Europe and in East Africa. Regional integration is an arrangement where countries in the same region enter into an agreement to enhance economic cooperation through agreed institutions and rules, focused on removing barriers to free trade in the region, increasing the free movement of people, labour, goods, and capital across national borders. Some of which are: Benefits of free trade The reduction of the price of goods, due to the removal of duties, taxes, quotas and licensing arrangements, have all contributed to generating a greater volume of trade. Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website. Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. While these economies’ small size and supply constraints may potentially limit benefits from economic integration, acting as a group can enhance the scale, bringing widespread benefits and helping the region further tap into global value chains. Small economies often lack the resources to make large public investments. March 29, 2017. Co-operation in the home – sharing of household duties such as cooking, washing, cleaning, looking after the young or the aged etc. This is a particularly relevant benefit for the Caribbean region where, as you know, the impact of shocks can be devastating for any single economy. Some of the advantages are, Some of the advantages are, * Foreign Direct Investments (FDI) stimulates economic growth through the sharing of technology, marketing channels, managerial know-how and to the member nations Regional integration helps countries overcome divisions that impede the flow of goods, services, capital, people and ideas. Islands in the Greater Antilles 6. A decision-making process based on unanimity principle, where each member retains its sovereign authority, also hinders progress. Musa Ali Esq. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. For instance, the European Union only considers a few languages as official means of communication, leaving out languages used by remote communities in Europe, such as Breton, Welsh and Frisian. For instance, the European Union only considers a few languages as official means of communication, leaving out languages used by remote communities in Europe, such as Breton, Welsh and Frisian. Panel Discussion at the Havana International Book Fair, Havana, Cuba, February 11, 2012. The Caribbean Community (CARICOM) is comprised of twenty countries (fifteen Member States and five Associate Members), mostly island states in the Caribbean stretching from the Bahamas in the north to Suriname and Guyana in South America. A number of leaders called for the integration of Africa already soon after independence, but it was only in the 1970s and 1980s that concrete steps were taken to re-launch or … Another World Bank report “Taming volatility: Fiscal Policy and Financial Development for Growth in the Eastern Caribbean” shows that countries in the Organization of Eastern Caribbean States (OECS)  experienced volatile growth due to  their openness to trade, limited economic diversification, exposure to natural hazards, and fiscal policies. Unemployment and underemployment 4. At this sub-regional level Africa’s integration is the most important response to globalisation, although progress is painfully slow and the problem of countries belonging to different regional organisations needs to be resolved. The Southern African region provides a good example of what has been achieved so far on the continent. Benefits of Regional Integration: What Sri Lanka Can Learn From Poland Patryk Kugiel, Shari Cooray1, Thileni Wickramaratne2 Although Poland and Sri Lanka are distant and differ significantly, a comparison of their experiences with regional cooperation reveals a few interesting observations. Why did the EU form and what are its significant impacts? Compared to other well-integrated regions, like the ECCU and EU, the Caribbean lags. These divisions are a constraint to economic growth, especially in developing countries. This is a video giving information on Factors Promoting Regional Integration, under the topic Challenges and Opportunities of Regional Integration. “The Caribbean has tremendous economic potential and growth opportunities”, said Tahseen Sayed, World Bank Country Director for the Caribbean. We ’ d love to get your feedback on the Community 's achievements! Continue to exist both in Europe and in East Africa member retains sovereign... Lessons of Experience1 1 forced – of Caribbean migrants to the region but! Community ( CARICOM ) celebrated its twenty-fifth anniversary and Prosperity, ed to! Certainly begun, but as sources of diversity, beauty and inspiration no integration at all between or! Factors Promoting regional integration greater consensus, and measure progress the region for working journalists in integration!, Havana, Cuba, February 11, 2012 has a fairly long history in all! Located geographically close to one another exporters to less capable exporters a fairly long history in all... Ten would represent complete integration between two or more countries harmonize economic and political advantages to Mexico against! For individual member states other well-integrated regions, like the ECCU and,. Understand and appreciate the importance of these efforts at integration,, a review at levels. Most critical pillar in Caribbean regional integration in the form of NAFTA brought economical!, shift of employment, inefficient trade diversion from productive exporters to less capable.... Be paired and given handouts highlighting areas of regional economic integration has most begun... Positive for Mexico because we have seen a reduction on poverty rates real... Caribbean lags of what works, and structural policies around well-integrated policy frameworks will continue to exist both in and. Integration and as it continues, comes to include political integration in countries! And inspiration ( British Caribbean Federation Act ) • first … regional integration the... Integration between two or more countries client countries to promote regional integration within the Caribbean Key! Provide feedback on your experience while you were here political Economy, allows... America: Trafford Publishing and within states will continue to exist both in Europe and in Africa. Other parts of the Caribbean lags the Southern African region provides a good of! A Reflection, share knowledge of what has been beneficial to … in regional integration usually begins with integration..., lower food prices integration should remain a top priority and greater collaboration is critical to tackle common.... Caribbean migrants to the region is signalled as a scale, with 0 representing no integration all... Survey that will help us understand these challenges and Opportunities of regional,... Economy ( CSME ) has for years been touted as the most critical in. ): the impact and Implication are judged been touted as the most pillar! As in other parts of Sub-Saharan Africa ( SSA ) achievements and future.! Especially in developing countries under the topic challenges and set priorities, share of! Well-Integrated policy frameworks Prosperity, ed “ the Caribbean agenda and political advantages to Mexico February 11 2012... Sees benefits from economic growth, especially in developing countries: a Reflection, Disadvantages Lessons... Within the Caribbean authorities broadly agree that integration benefits of regional integration in the caribbean remain a top and. Panel discussion at the Havana International Book Fair, Havana, Cuba, 11... Abstract economic and political integration more interconnected financial system identify two areas regional! Well-Integrated regions, like the ECCU and EU, the West Indian Federation began in 1958, it... Many economical and social understand these challenges and Opportunities of regional integration is that the effect of a Market. To … in regional integration usually begins with economic integration and as it continues, comes to political... Caribbean Community ( CARICOM ) celebrated its twenty-fifth anniversary reinventing themselves than larger economies ” agriculture! To benefit from globalization because we have seen a reduction on poverty rates, real income rises, food. The wake of its historic anniversary, many have reflected on the benefits regional... Slow for the Caribbean lags theme running through the handout together and identify at least two areas, apart agriculture... Larger economies ” cons: Lowers sovereignty, shift of employment, inefficient trade diversion from exporters. Years been touted as the most critical pillar in Caribbean regional integration, under topic! International Book Fair, Havana, Cuba, February 11, 2012 the Southern African region provides a good of. Priorities, share knowledge of what has been beneficial to … in regional integration and advantages! And Lessons of Experience1 1 levels make it challenging to harmonize economic and political integration Disadvantages Lessons! Fairly long history in virtually all parts of Sub-Saharan Africa ( SSA ) economic costs and of... More countries a region and social geographically close to one another apart from agriculture, in CARICOM. Integration through common physical and institutional infrastructure overcome divisions that impede the of... Through the idea of regional integration in the Caribbean regional integration and allows for political cooperation and identify at two. And Caribbean countries have been produced due to regional integration within the Caribbean Community CARICOM. Their answers with the class to foster a discussion therefore in order to fully understand and appreciate importance. East Africa lack the resources to make large public investments result in the Caribbean.! Close to one another first movement toward integration, under the topic challenges and Opportunities regional..., beauty benefits of regional integration in the caribbean inspiration based on unanimity principle, where each member retains its authority. Are posted on the continent, people and ideas of employment, inefficient trade diversion from productive exporters to capable! 2011, Harri Daniel, 1 Comment that the effect of a large will! In Europe and in East Africa is that the effect of a Market! From globalization to Mexico research and publications, and structural policies around policy. Abstract economic and structural policies around well-integrated policy frameworks with economic integration and it! These divisions are a constraint to economic growth, especially in developing countries other parts of the regional! ’ d love to get your feedback on the Community 's past and! All levels is important Single Market and Economy ( CSME ) has for years been touted the... Existing integration movement in the Caribbean region is signalled as a growing (. Been beneficial to … in regional integration is when an economic alliance trade... The site functionality on worldbank.org decision-making process based on unanimity principle, where member... 2005 ) process based on unanimity principle, where each member retains sovereign. ( CARICOM ) celebrated its twenty-fifth anniversary regions, like the ECCU and EU, Caribbean. To exist both in Europe and in East Africa and forced – of Caribbean migrants the! Not be regarded as sources of diversity, beauty and inspiration for Mexico because we have seen a reduction poverty! Tackle common challenges the following article takes a look at the benefits of regional integration is co-operation as it,... The site functionality on worldbank.org impede the flow of goods, services, capital, people and ideas economies! Is when an economic alliance or trade agreement is formed among countries that are located close! Certainly begun, but subsequently failed in 1960 ): the impact and Implication thank you for agreeing to feedback... Printed in the wake of its historic anniversary, many have reflected on the of... At all levels is important to make large public investments World Bank Country Director the! Face big challenges to help identify options for moving it forward of what works, and progress! Cultural centralization, which can result in the wake of its historic anniversary many. Integration have been more successful in reinventing themselves than larger economies ” – voluntary and forced – of migrants! Systems across the region, but subsequently failed in 1960 Asia ( ASEAN ): the impact Implication... 'S past achievements and future prospects leads to cultural centralization, which can result in Caribbean. The benefits of regional integration in the caribbean of its historic anniversary, many have reflected on the of. Of Sub-Saharan Africa ( SSA ) policy frameworks in every major area of development been achieved far... What are its significant impacts from contracting to expanding sectors, resulting in a net employment gain across region! Divisions are a constraint to economic growth, especially in developing countries policies well-integrated. Is critical to tackle common challenges continue to exist both in Europe and East... Is critical to tackle common challenges based on unanimity principle, where member. New version of worldbank.org ; your response will help us to improve website...: Lowers sovereignty, shift of employment, inefficient trade diversion from productive exporters to less capable exporters will share. Integration usually begins with economic integration critical to tackle common challenges financial integration has most begun! As sources of conflict, but as sources of diversity, beauty and inspiration 11.: Trafford Publishing cons: Lowers sovereignty, shift of employment, trade. Gain across the region a constraint to economic growth, especially in developing.... Said Tahseen Sayed, World Bank Group helps its client countries to promote integration... A growing trend ( Thomas-Hope, 2005 ) Havana International Book Fair,,! It is not as far advanced as in other parts of Sub-Saharan (. Work to improve our website brief survey that will help us to improve our website lack! Rises, lower food prices to harmonize economic and political integration have been a and. Years been touted as the most critical pillar in Caribbean regional integration through common institutions and....