INTEGRATED MARKET

A zone of cooperation between economic actors on a sectoral, regional or international level.

"First, it is consumers who benefit most [from economic integration] through increased choice and improved pricing […]. Second, integration opens the door to more markets […]. US banks are already significantly larger than EU institutions and if EU firms are denied access to bigger home markets, then this will be another area of influence ceded to the Americans."
(Nze, F., European Parliamentary Financial Services Forum, 2004, visited 2009-08-02)

In the present context of globalization, the term "integrated market" almost always refers to international trading blocs such as the EU, NAFTA and ASEAN. The degree of cooperation between members of these blocs varies. The highest degree of integration leads to the constitution of a common market. A fully integrated market covers not only complete freedom of internal trade, as in a customs union, but also free mobility of labour and capital. Full mobility of labour involves the right to reside and accept employment in all member countries, and mutual recognition of professional qualifications. Full capital mobility requires lack of trade barriers, and full rights of establishment for firms in all countries. The agreements are implemented by legislative and political procedures.

Nearly all members of the WTO are part of at least one regional agreement. These regional blocs, although distinct, can be seen as taking part in an increasingly integrated global market.