Regional economic integration

Abstract

Background. Development of integration processes in the modern system of international economic relations is objectively a natural result of increased movement of goods and production factors between countries that require more reliable production and marketing links between countries and elimination of the numerous barriers to international trade and movement of production factors. This can be carried out only within the interstate integration associations on the basis of multilateral political agreements.
The aim of the article is to study the process of regional economic integration in the current conditions of globalization changes.
Materials and methods. Material of the study was prepared on the basis of articles of relevant modern scientific journals and textbooks. Regarding research methods, method of historical analysis of the problem, systematization method and empirical methods of analysis of actual documents were used.
Results. High rates of the world economy are placing increased demands on the national economy, which significant growth reserves are in the integration. Today the modern international economic relations are characterized by the rapid development of integration processes at the regional level, which is manifested in the creation of new country groups and expand existing ones. As the EU is the most successful and dynamic regional integration, thus the vast number of theories about understanding these processes applies to European integration.
Conclusion. Theoretical and methodological aspects of the process of regional economic integration in the current context of globalization acquire changes as because of concentration on industry and services international economic relations gain a new level and expression. The elaborated combination of economic geography with regional integration will lead to greater development of modern system of international economic relations. Despite the economic growth, which may be unbalanced, development covers the entire region and then countries with a low level of development can benefit from the growing concentration of wealth. This means that with the support of regional economic integration increase of economic development of the country and the region will be favorable. Since currently the main actors in contemporary international economic relations are regional integration associations it is their development and operation that can initiate development of the global economy.