REGIONAL INTEGRATION

2. selling products abroad at a lower price than they are sold in the home market
4. economy, a country or countries with a common currency and common monetary and fiscal polices
8. organisation and consolidation of regional economic and political integration groups, leading to the ability of a nation or country to make decisions about its own government
10. trade, the elimination of all tariffs and duties that prevent free competition between countries on all products
13. country, a country that does not produce most of its goods and services and its standard of living is below that of the developed country. It is being gradually industrialized.
15. trade, trade within a region
16. policy, policy concerning the control of money supply and interest rates by a central bank
17. policy, government financial; taxation expenditure and budgets
18. the necessary pre-conditions for industrialization
20. state, a country which is no longer under the control and direction of a foreign power. It looks after its own affairs.

1. agreement, an agreement between more than two parties or countries.
3. country, a country that is less developed economically than most others, with little industry and little money spent on education, health care, etc.
5. market, a group arrangement in which there are no taxes on imports from member states
6. is the process by which the world is becoming increasingly interconnected as a result of massively increased trade and cultural exchange / the process of interaction and integration among people, companies, and governments worldwide.
7. Corporation: a large company operating in many countries
9. trade agreement/area, agreement or area where member countries eliminate more or less completely all tariff and non-tariff barriers to trade among themselves
11. Agreement, an agreement between two parties or countries
12. bloc, a group of countries having a free trade agreement, usually in the same geographical area
13. country, a country that produces most of its good and services and has a very high standard of living. It is highly industrialized
14. liberalisation, a generalised set of rules to which states must adhere in order to maintain economic competitiveness in international markets
19. integration, having a unified approach to trade and fiscal measures and policies
21. union, a situation in which members integrate all economic policies and in effect acts as though they were economically one country