Back

Middle East economic integration

The oil industry significantly impacts the entire region, both through the wealth that it generates and through the movement of labor. Most of the countries in the region have undertaken efforts to diversify their economies in recent years, however.

Middle East economic integration refers to the process of improving economic cooperation, coordination, and connectivity among countries in the Middle East and North Africa (MENA) region. This process aims to create a unified economic space that allows for the free movement of goods, services, capital, and labor across national borders within the region. The objectives behind such integration include enhancing regional trade, stimulating economic growth, achieving economies of scale, and fostering stability and peace through economic interdependence.[1]

Policies advocating Middle East economic integration aim to bring about peace, stability, and prosperity in the Middle East, which they believe can only be sustained over the long run via regional economic cooperation.[1]

Efforts towards Middle East economic integration have faced various challenges, including political conflicts, economic disparities among countries, and differing levels of economic development. However, initiatives like the Gulf Cooperation Council (GCC) and the Greater Arab Free Trade Area (GAFTA) have made strides in facilitating some level of economic cooperation and integration among member states.[2]

  1. ^ a b Momani, Bessma (November 2007). "A Middle East Free Trade Area: Economic Interdependence and Peace Considered" (PDF). The World Economy. 30 (11): 1682–1700. doi:10.1111/j.1467-9701.2007.01036.x. S2CID 155053491. Archived from the original (PDF) on 11 March 2012. Retrieved 12 June 2012.
  2. ^ "Challenges of Growth and Globalization in the Middle East and North Africa by George T. Abed and Hamid R. Davoodi". www.imf.org. Retrieved 2024-03-25.
From Wikipedia, the free encyclopedia · View on Wikipedia

Developed by Nelliwinne