Regional economic integration is an effective approach for regional
economic and political stability with the potential for poverty alleviation
and the promotion of inclusive and sustainable development. Economic
integration improves economic opportunities and growth because
it increases both market and production bases, which enhance the
availability of goods and services, leading to a reduction in the costs
of trade and an increase in efficiencies that lead to greater purchasing
power (Taghizadeh-Hesary et al. 2020).
According to Balassa (1961), regional economic integration is a
process in which the differences and discriminations among national
economies are gradually eliminated. Munakata (2006) points out that
regionalism is institutional, whereas regionalization, the process of
regional economic integration, occurred by way of market development.
Regional economic integration should, therefore, be examined in a
broader perspective to represent all the economic, political, and legal

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