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Lesson 5 - Globalization and Regionalization

The document discusses the concepts of globalization and regionalization, highlighting their benefits and challenges, particularly in Asia. It emphasizes the importance of regional integration for economic growth, peace, and stability while addressing the impacts of the COVID-19 pandemic on regional economies. Key terms such as regionalism, economic integration, and single markets are defined to provide a comprehensive understanding of these processes.

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4 views

Lesson 5 - Globalization and Regionalization

The document discusses the concepts of globalization and regionalization, highlighting their benefits and challenges, particularly in Asia. It emphasizes the importance of regional integration for economic growth, peace, and stability while addressing the impacts of the COVID-19 pandemic on regional economies. Key terms such as regionalism, economic integration, and single markets are defined to provide a comprehensive understanding of these processes.

Uploaded by

anovalexter
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Globalization

and
Regionalizatio
n
Key Terms
• Regionalism
• Regionalization
• Globalization
• Regional Integration
• Economic Integration
• Political Integration
• Single Market
• Processing Trade
Challenges on Regionalization
and Globalization in Asia
Though increasing trade and financial sector integration offers
enormous benefits however, this poses new challenges
(Camdessus, 1997). One of the challenges perhaps is in trade. The
openness of Asian economy encouraged competitiveness and
transfer of technology. Other countries should open their
economies to enjoy the benefit of trade liberalization while those
already benefited must ensure that the openness is extended to
new frontiers. It is important to increase transparency and free flow
of information on which the service and financial sectors depend.
Further, there is a need to develop effective policies for
noncompetitive industries. With this, a number of countries need to
improve their infrastructure, especially in transportation,
telecommunications, and power supply to sustain growth. In turn,
public finances should be strengthened by reducing outlays in less
productive areas and regional trade initiative should be compatible
Challenges: ASEAN and COVID-
19
The coronavirus disease (COVID-19) pandemic has severely affected
East and Southeast Asian economies, especially by disrupting the flow
of goods and services in the region's global value chains (GVCs). The
impacts and implications of pandemic on the regional economy,
especially with respect to regional economic governance are widely
discussed by ASEAN Leaders in various meetings to forge a more
coordinated regional response. The meetings with the health officials of
ASEAN member states, and the ASEAN + 3 countries (the People's
Republic of China, Japan and Republic of Korea), and between Heads of
States, Foreign Ministers, Defence Ministers, Ministers for Finance,
Ministers for Agriculture and Forestry, and Ministers for Labour had
impelled commitments to combat against the pandemic.
Regionalism
• is a political ideology that favors a Globalization
region of a country to be more • is a term used to describe the
important than the whole. It is increasing connectedness and
related to the ideology of interdependence of world cultures
sectionalism. The region that is the and economies.
focus of regionalism is often referred
to as the ''home region.''
Regionalization
• is the process of dividing large
areas into smaller regions or
districts.
Regional Integration
is when countries work together to
create common rules and institutions to
improve cooperation. This can include
economic, political, legal, and social
cooperation.
Benefits of regional integration
Economic growth :Regional integration can help
countries overcome divisions that hinder
economic growth.
Peace and stability: Regional integration can
help countries achieve peace and stability.
Trade: Regional integration can increase trade
by eliminating protectionism and allocating
resources more efficiently.
Conflict reduction: Regional integration can
reduce the chance of conflict and war.
Democracy: Regional integration can promote
democracy in less stable states.
Benefits
Economic Integration Increased economic
is the process of activity
coordinating economic Job creation
Stronger political ties
policies between Increased competition
countries or regions to Lower prices for
consumer goods
reduce trade barriers. Improved flow of
capital, labor,
products, and se
rvices
Political integration
refers to the process of structuring Processing trade
intergovernmental relations among existing
is a type of international trade
institutions and private actors to achieve
where companies import raw
coordination in governance, ranging from
materials or intermediate inputs,
consolidated government to complex
process them, and then export
networks.
Single market the finished goods

is a trade agreement between countries that


allows the free movement of goods, services,
and people. It's also known as an internal
market or common market.
Thank
You

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