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

Economic integration refers to the process by which different countries reduce or eliminate barriers to trade, investment, and labor mobility, to create a more interconnected global economy. The goal of economic integration is to enhance the economic welfare of the participating countries by increasing trade, improving efficiency, and stimulating economic growth. There are several forms of economic integration, each varying in its degree of collaboration and the scope of policies implemented.

The most common forms of economic integration include:

1. Free Trade Area (FTA): In a Free Trade Area, member countries agree to remove trade barriers such as tariffs and quotas between themselves, but each country retains the right to impose its own external tariffs on non-members. The North American Free Trade Agreement (NAFTA), now replaced by the United States-Mexico-Canada Agreement (USMCA), is a prominent example of an FTA.

2. Customs Union: A Customs Union not only removes internal barriers to trade but also adopts a ______ __________ ________ ___ __________ ________ _______ ____ ______.
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