Regional Economic Integration Levels of economic integration F ree rade Area a Goods and services are freely trades among all members. Each country maintains its own trade barriers vis-a-vis nonmembers Customs Union Members establish a common trade policy with respect to nonmembers Common market a Factors of production mobility is emphasized. A common al tariff is adopted P ■ Economic union Integration and harmonization of economic and monetary policies 1s achieved leading to poltical unionRegional Economic Integration ◼ Levels of economic integration ◼ Free Trade Area ◼ Goods and services are freely trades among all members. Each country maintains its own trade barriers vis-à-vis nonmembers. ◼ Customs Union ◼ Members establish a common trade policy with respect to nonmembers. ◼ Common Market ◼ Factors of production mobility is emphasized. A common external tariff is adopted ◼ Economic Union ◼ Integration and harmonization of economic and monetary policies is achieved leading to political union