What is regionalism?Why is it important. Write any 4 points.

important about regionalism:

Explanation:

In international relations, regionalism is the expression of a common sense of identity and purpose combined with the creation and implementation of institutions that express a particular identity and shape collective action within a geographical region. Regionalism is one of the three constituents of the international commercial system (along with multilateralism and unilateralism).

The first coherent regional initiatives began in the 1950s and 1960s, but they accomplished little, except in Western Europe with the establishment of the European Community. Some analysts call these initiatives "old regionalism".[1] In the late 1980s, a new bout of regional integration (also called "new regionalism") began and continues still . A new wave of political initiatives prompting regional integration took place worldwide during the last two decades. Regional and bilateral trade deals have also mushroomed after the failure of the Doha round .

The European Union can be classified as a result of regionalism. The idea that lies behind this increased regional identity is that as a region becomes more economically integrated, it will necessarily become politically integrated as well. The European example is especially valid in this light, as the European Union as a political body grew out of more than 40 years of economic integration within Europe. The precursor to the EU, the European Economic Community (EEC) was entirely an economic entity.

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