Regional economic organizations (REOs)

Definition

Regional Economic Organizations are institutions formed by countries within a particular geographical area to promote economic integration and cooperation among its members. These organizations aim to facilitate trade, investment, and the harmonization of economic policies to achieve shared prosperity and stability.

Related terms

Economic Integration: The process by which different countries agree to reduce or eliminate trade barriers among themselves to enhance economic cooperation.

Trade Liberalization: The removal or reduction of restrictions or barriers on the free exchange of goods between nations, including tariffs and quotas.

Harmonization of Policies: The process through which countries align their laws, regulations, and procedures to facilitate smoother transactions across borders