Kinds of International Economic Groupings

The World Trade Organization and several International Economic Groupings monitor the international trade business. However, some still believe that the groupings have no longer this great role because of the globalization phenomenon and the common market. Yet, they are increasing as they control 80% of the international market.

By the end of the course, participants will be able to:

What are the most prominent kinds of International Economic Groupings?
Sub-regional economic groupings:
It reflects kinds of international economic groupings that are established among many states interconnected by geographic, historic, and linguistic ties. And among the most prominent examples in our Arabic world are: Gulf Cooperation Council Union, Arab Maghreb Union. As for Europe, many groupings have been established among Western European States, as considered to be the most successful sub-regional economic groupings. Where, they allow the provision of economic integration constituents including economic structural likeness and the provision of an integrated network of information and transportation, along with the existence of mechanism that demonstrates the economic interest over the political interest for the common market. It's the matter which didn't exist in other kinds of sub-original economic groupings, leading to its faltering.

Regional economic groupings:
They're among the kinds of international economic groupings that are established among several states existing in one region, as is the case in the Commonwealth of Independent States in Asia and the European Union, and other several economic groupings. However, a lot of them haven't succeeded as it's might considered that one of them has succeeded at least in every region, on the top of which is the success that has been achieved following the European Union in 1999, and launching the single currency (Euro).

Trans-regional economic groupings:
 
They consist of economic organizations that are established among several states existing in several regions, with various objectives such as avoiding the occurrence of economic crisis such as that that has occurred in Asia in 1998. Accordingly, the Group of 20 has been established. In addition, the trans-regional economic groupings may have been established, with the aim of enhancing the relations among these states and providing common interest. As the case in the Group of 15 that has been established, with the aim of supporting South-South, then supporting the negotiating center with Northern States, or with the aim of establishing a zone for free trade as in IPEC complex.