Understanding the terminology behind economic integration

Daily we are exposed to a plethora of acronyms. A large number of these refer to some form of regional integration – CMA, Comesa, Efta, EU, Sacu and SADC, to name a few. Just as the acronyms differ in name, so do they differ in the level and types of economic integration. Over the past couple of years there has been a definite move by countries to align themselves economically with their neighbours through the creation of trade blocs of one sort or another. And these blocs are increasingly engaging in discussions with each other to pursue integration. The trend seems to be regional trade blocs competing with each other on a multi-lateral basis, rather than countries competing on a bi-lateral basis.