Globalisation is an economic concept that refers to the integration of various countries’ markets over time It represents the increased movement of goods and services, labour, technology and capital across the globe. Globalisation has led to a surge in international trade, foreign direct investment and the growth of multinational corporations. This has had a tremendous impact on the global economy and has been responsible for breaking down barriers between countries, reducing poverty and creating a more level playing field in the international marketplace.
One of the best examples of globalization is the World Trade Organization (WTO). The WTO’s mission is to promote international trade and economic development by encouraging member countries to open their markets to one another and provide a framework for global commercial negotiations. This has allowed countries to reduce tariffs and other trade barriers, resulting in greater competition and more efficient global markets.
A second example of globalization is the European Union. Since its establishment in 1993, the EU has become one of the world’s largest economic powers. Its single market is the largest in the world, allowing for the free movement of goods, services, capital, and people across its 28 member states. This has led to an increase in intra-EU trade and investment, creating a more integrated and vibrant global economy.
The Eurasian Economic Union is another great example of globalization. Established in 2014, the EAEU is made up of five member countries (Russia, Belarus, Armenia, Kyrgyzstan and Kazakhstan) with the aim of creating a single economic space. The union promotes free trade between its members, opening up markets and creating new opportunities for businesses and citizens.
Fourth, the North American Free Trade Agreement (NAFTA) is one of the most successful and widely-held examples of globalization. The agreement has been in place since 1994 and is responsible for the elimination of tariffs and other trade barriers between Canada, the United States, and Mexico. This has allowed businesses from all three countries to expand their operations and access new markets, creating a more integrated North American economy.
Finally, the Trans-Pacific Partnership (TPP) is an example of globalisation. The TPP is a trade agreement between 11 countries that seeks to reduce tariffs and create a more open and competitive economy in the Asia-Pacific region. The goal is to create an environment that allows for the free flow of goods and services and encourages increased investment in the region.
In conclusion, globalisation has had a tremendous impact on the global economy. It has been responsible for breaking down barriers between countries and creating a more level playing field in the international marketplace. Examples of such integration include the World Trade Organization, European Union, Eurasian Economic Union, North American Free Trade Agreement, and the Trans-Pacific Partnership. Each of these agreements has allowed countries to reduce tariffs and create more open and competitive markets, paving the way for a stronger global economy.