Answer:
But in terms of trade-led growth and the potential for greater regional economic integration, four challenges appear most pressing. These are (a) port and customs quality, (b) barriers to trade and investment, (c) development gaps, and (d) nascent regional economic governance.
Specifically, regional integration requires cooperation between countries in:
Trade, investment and domestic regulation;
Transport, ICT and energy infrastructure;
Macroeconomic and financial policy;
The provision of other common public goods (e.g. shared natural resources, security, education).
What are two geographical factors that hinder integration?
Geography of the region.
Absence of a common strategy for development.
Differences in stages of growth and development.
Competition for location of industries.
Absence of common currency.
Unequal distribution of resources.
Influence of MNCs / TNCs.
Lack of diversification in production.
There are four main types of regional economic integration.
Free trade area. This is the most basic form of economic cooperation.
Customs union. This type provides for economic cooperation as in a free-trade zone.
Common market.
Economic union.
Step-by-step explanation: