Definition of International Economic Cooperation, Benefits and Forms
Definition of International Economic Cooperation, Benefits and Forms Collaboration is an activity that has a specific goal in accordance with a mutual agreement. This collaboration includes many activities such as business, even other purposes.
Definition of International Economic Cooperation, Benefits and Forms
This cooperation is needed by the state in order to establish close relations between several countries. To be able to fully understand the meaning, benefits and forms of international economic cooperation, it will be explained as follows:
Definition of International Economic Cooperation
The definition of international economic cooperation is cooperation that occurs between one country and one or several other countries at once. Economic cooperation is aimed at being able to provide benefits in each country in aspects of the economic field.
In an economic cooperation that exists between countries, one should expect benefits for the country. Examples of this cooperation can be seen in the cooperation between developed countries and developing countries. Developed countries get all their raw materials for production from developing countries, while developing countries get equipment, technology and capital from developed countries.
Benefits of International Economic Cooperation
Indonesia is a developing country that carries out international economic cooperation. To be able to establish international economic cooperation, strong relationships are needed. The purpose of this is to be able to create prosperity in the country. The benefits of international cooperation for the Indonesian state are as follows:
- Progress in the economic sector, this progress can be observed in the course of exports and imports of goods and services. High exports can also generate high foreign exchange.
- Indonesia can be given the opportunity to seek and gain knowledge and technology from developed countries.
- Can strengthen Indonesia's bargaining power and position in the eyes of the international community.
- After economic activity in Indonesia develops, capital from foreign countries will also be able to enter.
- The high demand for goods and services both from abroad and from within the country can reduce the total cost of goods per unit of production.
- Countries can also import goods that are produced to be more expensive.
- Can increase the intelligence, skills and creativity of the workforce which is a demand for export activities abroad rapidly.
- Ease of getting raw materials and auxiliary materials to be used in the production process.
- Can open jobs and can reduce unemployment and poverty in Indonesia.
Forms of International Economic Cooperation
The form of this type of cooperation is also divided into several types which will be explained as follows:
1. Bilateral Cooperation
This bilateral cooperation is a form of economic cooperation that occurs between two countries. An example is the cooperation between Indonesia and South Korea. This collaboration is known as the Indonesia-Korea Joint Task Force on Economic Cooperation (JTF-FC) which held the meeting in 2007 and then in 2011 the JTF-EC became the Working Level Task Force Meeting (WLTFM) which was held in Bali. Forms of international cooperation are carried out such as exchanges between embassies and visits between countries.
2. Regional Economic Cooperation
This regional economic cooperation is a form of economic cooperation carried out between countries in a certain region or region. An example of this cooperation is the formation of APEC, AFTA, and ASEAN.
3. Multilateral Economic Cooperation
This cooperation is also a form of cooperation carried out by two or more countries, which is not limited to a particular region or region and is international in nature. An example of this cooperation is the IMF and the ILO.
4. Interregional Economic Cooperation
This form of interregional economic cooperation is cooperation carried out by two or more regional economic institutions. examples of this cooperation are ASEAN and the European Union.
5. Economic Cooperation Based on Purpose and Field of Business
This form of cooperation is that there are no boundaries on the territory and international relations, but cooperation that is formed on the basis of objectives and business fields. Examples of this cooperation are the OECD and OPEC.
Here's an explanation about Definition of International Economic Cooperation, Benefits and Forms which has been explained above. This international economic cooperation is needed to be able to interact between countries in order to fulfill the welfare of their country. Hopefully useful 🙂
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