  Ladies and Gentlemen, it is worth noting that the overriding rationale for regional integration is development, with all the benefits that come with it. Theoretically, integration fosters growth through different channels such as increasing innovation through economies of scale and through technological spillovers and elimination of replication in research and development.
Empirically, integration gives access to a larger market, more stock of technology and knowledge and therefore, more innovations and growth. Furthermore, expanded markets and increased productivity following integration, triggers increasing returns in the research and development sectors due to the implied scale effects. All these channels have important implications on employment generation and economic growth for the integrating economies.