Specific aspects of international economic integration and globalization

Specific aspects of international economic integration

and globalization

By Mahmudov Zohidjon, a student at the faculty of Islamic economy and international relations

In every morning, after getting up and having a shower, we drink a cup of coffee which its beans are produced and packaged in Brazil. While enjoying coffee we watch a TV program on television. The television is the result of Korean engineers’ hard working. Before going to our university, we wear a uniform that is the product of a Turkish textile company. The computers used in universities are the product of an American company. Sometimes we suddenly hear on the news that a president of one country meet with a president of another. At these days, we are hearing the cooperation of some countries to create coronavirus vaccine and so on. What I mean by the examples above is that all the countries in the world are so interrelated in economic, political and social life.

International economic integration is one of the most crucial parts of international economics that has been growing in importance for last two or three decades. It is defined by strengthening economic relations among countries, increasing dependency on each other regarding production and consumption of goods and services, the elimination of trade barriers between participating nations, the creation of coordination and cooperation between them. The main aim of it is to reduce costs for both consumers and producers so that consumers can buy at lower prices whatever they want and producers can reduce production costs. In general, the goal is about increasing trade.

As globalization and international economic integration progress, countries can become less isolated so that we can think more in terms of a global economy and its effects on individuals and nations.