Abstract

This chapter argues that regional arrangements can be an important strategic and practical vehicle to help African countries to integrate themselves into the world economy and to take advantage of globalization of trade and financial markets. However, to achieve these ultimate goals, African governments should implement the right kind of regional integration strategies. These strategies should encompass not only broad trade liberalization but also regional mechanisms for ensuring convergence of macroeconomic stability, structural reforms, common management of resources, and policy credibility. Because chapters above have focused on the trade aspects of regional arrangements, this chapter will limit itself to the other factors contributing to the integration of African economies into the world economy.