Question

Mention the various forms of economic integration.

Answer 1

An economic union is composed of a common market with a customs union. The participant countries have both common policies on product regulation, freedom of movement of goods, services, and the factors of production, and a common external trade policy, (e.g. European Economic Union)
EU > CM > CU > FTA
EU – Economic Union >
CM – Common – Market >
CU – Customs Union >
FTA – Free Trade Area
The regional economic integration among the trade blocks such as SAARC (South Asian nations), ASEAN (South East Asia), and BRICS and their achievements.