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Over the last century the world economy has encountered deep and
rapid changes. Over the years these changes have internationally
regionally and locally been transforming our global economic and
social systems. These changes are in political and economic
spheres. Since the last few years of the previous century a new
phenomenon in international economic relations has been on the rise
which aims to increase free international trade and eliminate trade
barriers and restrictions between countries. In addition, joint
efforts are afoot to increase the economic cooperation among
nations in all possible ways. Towards this end, since World War II
several international organizations have been established, such as
the International Monetary Fund, Arab Monetary Fund, Arab League
and the Arab Organization of Investment Guarantee. These
organizations are involved, directly or indirectly, to promote and
grow international trade by a gradual decrease of trade barriers.
They have achieved significant improvements in the field of
international trade, investment and economic growth.
The main objective of this study is to examine the extent of and
the potential for Arab economic integration. It adds to the growing
literature on the issue of economic integration by throwing the
spotlight on several issues hitherto little considered in the
existing literature. The study especially blends various aspects of
economic integration with models of spatial competition economic
geography regionalization and globalisation to explain the problems
of and prospects for economic integration for the Arab countries.
It is important to realise that economic integration has become an
important aim for almost all countries in the world in particular
less developed countries which need more economic efforts to be
able to deal with the current international milieu and the gale of
globalisation. The Arab countries have engaged in a number of
initiatives to advance economic integration however despite this
the degree of economic integration among them is still relatively
insignificant. The study also attempts to offer theoretical models
to explain the obstacles preventing economic integration in the
Arab world.
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