Counterpoints:
In EU (and generally in whole developed world) the agriculture is heavily subsidised and it dwarfs any market effects.
Other natural resources extraction is capital intensive and thus usually owned by foreign investors thus profit goes directly out of the country.
Also, how he describes foreign trade worked so easily maybe in 1990s. Now the IP is much stringently enforced. And it is almost all owned by American corporations.
Governance issues are mentioned offhand but these are major issue. EU tries to offset regional differences with cohesion funds, but increasingly, there's sheer lack of competent staff in receiving countries to actually use the money as intended.
Network effects are completely omitted. Imagine your whole cohort and support network just vanishes.