What are the various forms of economic integration? How is trade diversion different from trade creation? Elucidate.

Economic cooperation or integration may take any one or a combination of any of the following forms:

(i) Economic Union, (ii) Customs Union, (iii) Free Trade Area, (iv) Sectoral or Partial Integration, (v) Preferential Trading, (vi) Long-term Trade Agreements.

These different forms of integration visualise different degrees of economic cooperation in the descending order.

An Economic Union is a case of absolute integration. It implies complete economic integration of a group of countries. There is, thus, free mobility of factor resources and commodities in such a union. The economic activities and policies (fiscal, monetary and general) of the member nations are ___ ____ ____ __________ ______ _______ _________ ____ _______.
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