National economies

NATIONAL ECONOMIES
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NATIONAL ECONOMIES
Discuss how national economies interact with each other to achieve their individual economic goals.
The pretext behind why countries and businesses interact and ionize the various economic and political upset is endlessly fascinating. The rationale behind which in effect leads to the expansion of opportunities, access to knowledge, investment, trade and globalization is absolutely important for the promotion of economic development and growth. Interaction between economies therefore becomes important and inevitably necessary since no individual country can be self sufficient, or boast being endowed with abundance within their borders. Interaction at the onset, are geared towards specialized trading, where a country may lack the adequate technology to produce some good s or services or if they do it becomes more expensive than sourcing it from another economy.
The world over, there are many inter governmental agreements that consequently help economies to attain several ends. This state of economic integration has been advanced by among others the Central European Trade Agreement (CETA), The Asian Free Trade Area (AFTA) the Greater Arab Free Trade Area (GAFTA) , North American Free Trade Agreement (NAFTA), Gulf Cooperation Council (GCC), Common Markets of East and South African States (COMESA), East African Community (EAC), Eastern Caribbean Currency Union (EC), African Union(AU) among others. Political cohesion between countries on the other hand has been facilitates by bodies such as the United Nations (UN), European Union (EU), NATO, the African Union (AU), it is worth notion that political stability between countries is the catalyst for economic interaction.
One ultimate gain of inter economie...