Impact of european economic integration in global trade - A case study of Vietnam

For the past half century, European countries have undertaken a series of measures that have liberalized trade and factor flows among member states of the European Union (EU). They have also harmonized various government policies, including external commercial policy and monetary policy. As a result of these changes, the EU has extended beyond the definition of a common market and is approaching an economic and possibly a political union. Economic integration is the unification of economic policies between different states through the partial or full abolition of tariff and non-tariff restrictions on trade taking place among them prior to their integration. This is meant in turn to lead to lower prices for distributors and consumers with the goal of increasing the level of welfare, while leading to an increase of economic productivity of the states. This piece of recent research work provides insight into the historical view by updating the European index of regional institutional integration and case of Vietnam has been taken to analyze the purpose. Secondary sources have been used to study the research objectives.