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Regional Economic Integration in Southeast Europe : To Many Initiatives to Little Effects
Bjelić, Predrag
Rajković, Miloš
Abstract In this paper, the authors analyze the patterns of regional economic integration in Southeastern Europe and their effects. The aim of this work is to point out the importance of economic cooperation between the countries of the region, in order to accelerate economic development and achieve better results with the advantages of joint projects and access to third markets, as well as to accelerate European Union accession process. During the past years, many regional initiatives have been created in Southeastern Europe, and they continue to appear. Initiatives for regional economic integration have mostly come about through the efforts of states to increase the degree of cooperation and avoid the slow process of international trade liberalization. However, their synergies remain weak, vulnerable to political fluctuations and occasional conflicts. The structures are underdeveloped while bringing very limited change in regional cooperation and benefit to citizens of all countries. Here we can include CEFTA 2006, the Regional Economic Area, the Common Regional Market, and the Open Balkans. Most of the countries of the region do not have a functional market economy, which directly affects the implementation of actions related to the smooth flow of goods, services, capital and highly qualified labor force. The main prerequisite for progress in regional cooperation is solving numerous bilateral issues and improving international relations, but also improving the capacity for implementing cooperation. Apart from these difficulties, it should be noted that the results are uneven also because the countries are in different stages of the EU integration process. The modest effects of all the analyzed integrations encourage the questioning of their expediency, and the questioning whether they contribute to the liberalization of international trade and the increase in the well-being of the member countries.
engleski
2022
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Keywords: regional economic integration, Southeastern Europe, international trade, CEFTA, Open Balkan, EU, regional cooperation