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International Journal of Research in Social Sciences
Year : 2020, Volume : 10, Issue : 2
First page : ( 43) Last page : ( 57)
Online ISSN : 2249-2496.

Economic integration issues between the Kingdom of Saudi Arabia and Azerbaijan, and its directions in the modern development of the world economy

Al-Sulaim Mesaad Ibrahim

Azerbaijan State University of Economics, PhD student, Baku, Istiglaliyyat 6, AZ1000

Online published on 20 November, 2021.

Abstract

Globalizationand its contributing factors are firstly analyzed in the article.Then the essence of economic integration, necessaryconditions for the process of economic integration and the advantages of economic integration are explained. Theoretical provision of economic integration have also been explored, and the classical classification of the integration by American scientist B.Balassin has been interpreted in stages. At the same time, the existing European Union, NAFTA, Mercosur and other successful integration groups, their advantages and shortages are analyzed. After examining globalization, established economic integration groups, and classification of economic theoretical schools in this field, an in-depth analysis and concrete offershave been conducted on the economic integration of the Kingdom of Saudi Arabia and Azerbaijan and their future development directions and associations in which they are jointly incorporated.

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Keywords

Economic integration, Economic unions, International trade, Regional relations, International organizations.

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