By A. El-Agraa
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Additional resources for The European Union Illuminated: Its Nature, Importance and Future
Example text
The second is the East African Community (EAC, established by the British in 1919 for their own colonial administrative ease). But it should be stressed that IEI is confined to countries that adopt it voluntarily, in other words, not being imposed on them by colonialists or empire builders. In West Africa, the West African Economic and Monetary Union (UEMOA; its French acronym) and the Mano River Union (MRU) coexist with the Economic Community of West African States (ECOWAS) with considerable membership overlap.
Needless to say, the overall picture indicates that the 2008 global financial crisis has impacted more severely on the EU relative to the US; hence, the 2013 data may not be ‘normal’, and thus the 2008 comparison may be more pertinent. The EFTA is the other major scheme of IEI in Europe. To understand its membership, one has to know something about its history (detailed in chapter 2). In the mid-1950s, when the European Economic Community (EEC) of the Six plus the UK was being contemplated, the UK was unprepared to commit itself to some of the economic and political aims envisaged for that community.
Therefore, one need not refer to the GATT, unless there are compelling reasons for doing so. The general aim of the WTO is, as mentioned, to supervise and liberalize trade and investment worldwide. It does so by regulating the trade between the member nations and freeing restrictions on capital movements. Note that not all countries are members, due to strict conditions for joining. In January 2014, the WTO had 159 members. The WTO also provides a framework for the negotiation and formalization of trade agreements between the members.