Regional Economic Cooperation Flashcards
What is regional economic cooperation, and how does it contribute to global economic development?
Regional economic cooperation is a pathway to the global economy, attracting technology and investment. It enhances economic development, provides security, and improves living conditions within a specific geographical region.
Can you name some of the major regional economic organizations in Africa?
The major regional economic organizations in Africa include the
Arab Maghreb Union (AMU), Common Market for Eastern and Southern Africa (COMESA), Community of Sahel–Saharan States (CEN–SAD),
East African Community (EAC), Economic Community of Central African States (ECCAS),
Economic Community of West African States (ECOWAS), Intergovernmental Authority on Development (IGAD), and Southern African Development Community (SADC).
What are the objectives and benefits of specific regional economic organizations mentioned, such as COMESA and ECOWAS?
COMESA aims to overcome trade barriers and promote sustainable economic development. ECOWAS strives for economic integration, shared development, peace, and stability within West Africa. Each organization has unique goals aligned with regional needs.
What is the African Economic Community (AEC), and which countries lead in terms of GDP within this organization?
The AEC is an organization within the African Union fostering mutual economic development. Nigeria and Egypt are leading economies with GDPs of $477 billion each.
What guidelines should nations follow when promoting regional economic cooperation?
Guidelines include a basis of equity, equality, and mutual benefit. Cooperation should involve deliberation, consensus, commitment to common goals, respect for each other, economic openness, and consistency with multilateral trading principles.
What are some of the key areas identified for reforming the African continent?
Areas for reform include political, economic, educational, health, youth involvement in politics, security architecture, combating neo-colonialism, sports, law enforcement, value/moral reforms, natural resources protection, social reforms, financial institutional reforms, governance systems, food and nutrition, judicial, environmental, industrialization, and information technology/infrastructure development.
