Authors: Anatoly G. Tarasov, Dr. Sc. (Econ.), Chairman of the Board of Directors, ОАО “Trest Stroymekhanizaciya № 2”

Darya A. Chupina, Sr. Lecturer of Global Economy Dept., Ural State University of Economics

Abstract. In the article the degree of economic divergence in ASEAN and CARICOM is analysed. Based on the study on supranational redistributive funds in these regional blocks, common characteristics (targeted financing, grants and loans allocation, approved lists of beneficiaries, etc.) are distinguished. Regardless of the common features, Initiative for ASEAN Integration has a more decentralized structure which complies with “new regionalism” format of integration in ASEAN. Underinvestment is considered to be a general problem due to relative capital deficit in member countries. Effectiveness of redistributive funds can be estimated only in the long run because of the nature of investment.

Keywords: ASEAN, economic cohesion, initiative for ASEAN integration, CARICOM, regional economic integration, CARICOM development fund