The resurgence of regionalism is borne out of the present political logjams that experience characterised the governance and operations of multilateral buying and selling process over the last one decade and a part. Oloruntoba seriously examines Euro-Nigeria family members in the context of the financial Partnership Agreements by way of the political and financial implications of the agreements on Nigeria’s non-oil exports sub-sectors. Set inside one of many major ambitions of the industrial Partnership Agreements, he additionally interrogates the clients and demanding situations of local integration in Africa lower than the regime of transnational accumulation, which the commercial Partnership Agreements represents.
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Additional info for Regionalism and Integration in Africa: EU-ACP Economic Partnership Agreements and Euro-Nigeria Relations
For instance, the European Community (2005:1) notes in a report: The present situation (of proliferation of RTAs) is to the advantage of no one. While RTAs have become an indispensable trade policy tool for most WTO Members’ pursuit of their economic developmental objectives, all Members face the risk that the agreements to which they are not parties could have negative implications for their own legitimate trade interests. Bhagwati (1995) has also described the proliferation of the RTAs and PTAs as termites that eats deep into the multilateral trading system.
On the other hand, he viewed the space of flows as the material organization of time-sharing social practices that work through flows and networks (Castells 1996: 412). These networks are managed by power elites who have the capacity to organize the space 32 REGIONALISM AND INTEGRATION IN AFRICA of flows that are not restricted by physical contiguity (Vayrynen, 2003). Functional regionalism is issue-based rather than concern for the protection of borders or sovereignty. ” Since regionalism and regional integration have such divergent views, it is important for one to locate the specific area on which research is focused.
Indeed the EU has made effort to sign intraregional trade and development cooperation agreements with other regions of the world. An example of this is Mercosur, which is a regional organization of some Latin American countries. Mercosur was established in 1991 by the Treaty of Asuncion among four Latin American countries—Argentina, Brazil, Paraguay, and Uruguay. Venezuela was admitted into the membership of the region in 2006 (EU, 2011). The EU has not succeeded in establishing its proposed EU-Mercosur Free Trade Agreement due to the differences among the trading partners on the trade chapter.