Is liberalization the only thing that must happen for a market to be integrated, or are there also other factors (besides liberalization) that lead to a market being integrated?

I used the search question before posting this btw, my initial question was as you would suspect…

free flow of capital

open trade


I thought those were part of liberalization? Hmm ok

I think an announcment is made, then market participants gauge the outcome by the measures actually taken. Those measures include lifting legal restrictions to foreign ownership, taxation, etc.