Theory question 110
International Economic OrganisationsSection B (answer four questions only from this section)
In what ways will West African countries benefit from economic integration?
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Model answer
Larger market, allowing large-scale production and economies of scale.
Specialisation according to comparative advantage.
Increased trade among member countries as tariffs are removed.
Free movement of labour and capital.
More competition, raising efficiency and quality.
Attraction of foreign investment.
Joint development of infrastructure (roads, telecommunications, power).
Greater bargaining power in world trade and international bodies.
Job creation and faster economic development.
Political co-operation and peace in the sub-region.
Explanation
Explain at least five benefits.