Economic and Financial Integration of Arab Countries: Presence and prospective (Review Completed - Accepted)
Under present circumstances ,there is an increasing importance of Arab countries to be economically and financially integrated as this will lead these countries to cope with the ever growing international economic and financial blocs. Among these is the giant E.U. ,NAFTA , and APEC economic blocs . Economic blocks with collective self-reliance have many positive effects in terms of decision-making in various fields on both the local and international levels . The international rapid developments and changes are bound to have a negative effect on individual Arab State economies because they are facing giant economic blocs. This is the era of international financial and economic blocs. The integration between the Arab countries will lead to reduce the gap with international economic blocs and to face the negative effects of the phenomenon of globalization and other challenges . An Arab economic bloc will have many
benefits that will be accrued by the Arab countries in the future. However, different accelerating conditions and developments may have big negative impacts on the Arab individual economies when facing and probably compete with these giant blocs. Economic integration and self dependence among Arab Countries would lessen the gap between the predetermined Arab bloc and global economic blocs and make Arabs able to face the negative influences of globalizations and other challenges. The main aim of this study is to focus on the realities of Arab economic and financial integration prospects and how to face all the challenges of the twenty-first century in order to become, economically, financial and Politically integrated and strong
Keywords: Economic Blocs, Economic Integration, Financial Integration, Integration Barriers