CHAPTER ONE
INTRODUCTION
1.1 Background to the study
There is scarcely any nation that can develop and grow in isolation. From colonial times to the present, nations and regions of the world have continued to collaborate with each other in the areas of trade, investments, science, technology, agriculture, health, education among others. They have formed and entered into various economic co-operations, collaborations, partnerships, joint venture agreements, which have remained catalysts for economic growth and freedom (Akpan and Effiong, 2012). These co-operations and agreements are results of deliberate policies of various governments to allow free flow of trade (in goods and services) across their national borders.
According to the World Trade Report (2013), world merchandise trade and trade in commercial services were worth in 2011 about USD 18 trillion and USD 4 trillion, respectively, despite global economic adversities, natural disasters, and political upheavals around the world. In the last three decades, world trade has grown dramatically and much faster than global output (Rueben and Arene, 2013). Between 1980 and 2012, world merchandise trade has increased by more than 7% and trade in commercial services, by about 8% per year (WTR, 2013). With such unprecedented growth in global trade, It is becoming increasingly obvious that strength lies in international co-operation amongst countries, particularly those within the same geographical regions, and that the world is experiencing the second age of globalization after the long and deep fall in the global economy that occurred between 1914 and 1945 due to two world wars and the Great Depression.
The dynamics of international economic relations and the complementary nature of development activities at the international level, coupled with scarce resources on a worldwide scale, forced a large number of developing countries to look for ways of participating more effectively in the world economy (Brautigam and Knack, 2004). One way was to set up economic and monetary free-trade areas. The aim of these regional economic grouping among others is to promote cooperation and integration, leading to the establishment of an economic union in order to raise the living standards of the people in the sub-region while maintaining and enhancing economic stability and fostering relations among member states so as to achieve a meaningful human centered development in the sub-region in particular and the continent as a whole (Busari, 2006).
Consequently, the formation and success of the European Economic community in the 1950s spurred developing countries in Africa, Asia and Latin America to establish regional co-operation arrangements of their own, and the first United Nations Conference on Trade and Development
(UNCTAD) saw the promotion of economic co-operation among developing countries as a means to expanding their intra-regional and extra-regional trade and encouraging industrial and Agricultural diversification (Yusuf, Malarvizhi, and Khin, 2013).
| Review project details | Comments |
|---|---|
| Number of Pages | 77 pages |
| Chapter one (1) | Yes Introduction |
| Chapter two (2) | Yes Literature review |
| Chapter three (3) | Yes methodology |
| Chapter four (4) | Yes Data analysis |
| Chapter five (5) | Yes Summary,discussion & recommendations |
| Reference | Yes Reference |
| Questionnaire | Yes Questionnaire |
| Appendix | yes Appendix |
| Chapter summary | yes 1 to 5 chapters |
| Available document | PDF and MS-word format |
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