Background to the study

The global economy presents a mixed picture of growing integration and cooperation, on the one hand, and isolationism and conflict, on the other. Integration has usually been in the nature of arrangements for formal consultations by a group of countries on issues of collective economic interest leading, at times, to the coordination of policies through consensus. While the motivation for most of the ongoing integration initiatives has stemmed generally from the desire to reduce barriers to trade and to defuse trade tensions, which is perceived to be easier to achieve on a regional than on a global basis, impatience with the slow and cumbersome process of multilateral negotiations has also been a major catalytic factor.

Sustainable Development Goals:

Decent Work and Economic Growth

Reduced Inequalities