Explain five benefits that a member country may get from economic integration.

Explain five benefits that a member country may get from economic integration.

Benefits that a member country may get from economic integration include:

1. Large market — The country gets additional market to sell her goods and services.
2.  Promotion of peace — member countries have a deeper understanding of each other thus enhancing peace.
3.  Increased mobility of factors of production. Labour, entrepreneurship and capital will to and from other countries with minimum restriction.
4.  Improved infrastructure — There is likelihood that member countries will improve their infrastructure.
5.  Opportunity to deal with any deficits in production — Member countries can get what they don’t have from other countries.
6.  Increased variety of goods and services — due to increased range of gods at the disposal of the citizens of the member countries, they are able to satisfy varied needs since they have a wider choice.
7.  Shared research information and common services — This reduces the cost of doing business and improves production by eliminating duplication.
8.  Creation of employment. This is a result of increased economic activity.
9.  Encourages specialization. Member countries concentrate on what they can produce better.
10.  Increased economic bargaining power, This may lead to better balance of payment and terms of trade.

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