1945

Removing obstacles for greater market integration in Asia and the Pacific

Integration is the process of reducing fragmentation in markets for goods, services, capital, labour, knowledge and information in order to lower the costs of business transactions and trade. It facilitates the cross-border mobility of factors of production, such as capital and labour, and freer movements of goods and services. These elements promote efficiency in investment flows, trade and industry, leaving less room for information asymmetries, while promoting innovation and dissemination of technologies. Under market-led mechanisms for price determination, market integration leads to price convergence for goods, services and factors of production. Free markets catalyse competition but often result in only limited price and economic convergence. This is because convergence is also, and often to a larger degree, influenced by structural (and geographical) differences, such as transport obstacles, energy deficits or other barriers that increase transaction costs. Broadly, market-led integration should be guided and enhanced by the harmonization, coordination or mutual recognition of policies, rules and regulations.

/content/books/9789213629291c011
dcterms_title,dcterms_subject,pub_keyword
-contentType:Journal -contentType:Contributor -contentType:Concept -contentType:Institution
10
5
Chapter
content/books/9789213629291
Book
false
Loading
This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error
aHR0cHM6Ly93d3cudW4taWxpYnJhcnkub3JnLw==