Economic Integration in the Context of Globalization and Regionalization

Abstract

In modern conditions, integration processes are carried out within the framework of a “nonlinear” model, with the globalization and regionalization complementing each other. When the limit in reducing tariff barriers is reached, the expansion of economic interactions occurs due to the conclusion of mixed integration formats that provide for the reduction of non-tariff barriers and reforming domestic economic policy. The difference between economies is one of the factors holding back the integration processes in the global economy. At the same time, the WTO mechanisms play a key role in maintaining the already achieved level of trade liberalization and for the settlement of trade disputes.