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Apec Regional Paper

1220 words - 5 pages

Summary:This paper will analyze the role of regional integration in promoting global business, discuss the advantages and disadvantages of the Asia-Pacific Economic Cooperation (APEC), compare and contrast the economic development stages of China and Singapore within APEC and ramifications of APEC economic development for global business.Globalization pertains to the connectivity that allows people and businesses around the world to interact in a seamless manner without trials such as geography and cultural differences (Hill, 2005). Globalization has brought remarkable benefits to the world, and an even greater reliance on others for products and services.There are many factors to be considered when conducting global business, one is regional integration. Regional integration promotes global business by building a relationship between countries within a specific region to develop economic and social strategies as well trade policies The capacity to accelerate and strengthen economic, social and cultural ties between countries is what makes regional integration so important. These agreements are designed for all member countries to encourage free trade within their region.Discuss the advantages and disadvantages of regional integration.There are many advantages and disadvantages to regional integration. Some of the advantages to regional integration are the ability to establish free and open trade. Economically, free trade allows countries to specialize in a particular good and/or service that they can produce more efficiently. This would definitely be the result of greater production worldwide. Another important advantage is that free trade stimulates a country's economic growth, produces jobs as well as opportunities for trade and investments. Free trade in turn lowers the cost of production and the cost of goods and services. yesRegional integration creates larger markets, increasing trade and the competition and in turn foreign investment. Regional integration also helps to bring groups together, supports unity, and helps to resolve disagreements through inter-states working together through trade.Some of the disadvantages of regional integration include the costs of doing business; There are many costs in addition to the benefits. Another disadvantage is that some countries can loose while other countries benefit from a free trade agreement and some adjustments might be needed. Some countries might also be worried about the loss of some level of control over policy issues involving monetary, fiscal or trade (Hill, 2005). Some countries may worry about competition and raise tariffs to prevent competition.In 1989, the first meeting of APEC accrued when the Australian Prime Minister called for more effective economic cooperation in the Asia Pacific region. Today, APEC consists of 21 members who from the beginning, have helped to reduce trade barriers and tariffs along the Asia-Pacific region. Openness, flexibility, continuous development and...

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