SALIENCE OF REGIONAL INTEGRATION IN GLOBAL ECONOMY

Abstract

Regional Integration is bonding of sovereign states located in a particular geographical region for Political or economic issues and benefits. The cultural and identity factors may spill over the bonding in any region. Regional integration emerged as response to world economic system after cold war in response to meet challenges of globalization. However the different challenges were posed to developed and developing countries. The successes and dilemmas of integration fallowed accordingly. The success of European regional integration has inspired the other regions; however, the South East Asia has provided a model of Asian architect for regional integration. The researcher has delved into the conceptual and evolutionary precepts of Regionalism and regional integration. It focuses in the first part the regionalism in response to globalization. In second part focus goes towards success of European and South East Asian regional integration. The second part also analysis the potential of cooperation in South Asia.