Regional Integration In The Caribbean Essay

1353 words - 5 pages

Regional Integration is when an economic alliance or trade agreement is formed among countries that are located geographically close to one another. This paper analyzes the role of regional integration in promoting global business, discusses the advantages and disadvantages of regional integration using a trading block as an example, and compares the economic development stages of two countries within a chosen region and discusses the ramifications of the region’s economic development for global business.
The purpose of regional integration is to achieve economic gains through free trade flow and investments between neighboring countries often by lowering or eliminating tariffs against imports from fellow member countries. Another purpose to the integration is to create institutions responsible for policy formulation concerning issues like education, health, labor matters and foreign policy within the member nations. These actions increase duty free trade, tourism, movement of labor, and the flow of capital across national borders, reducing the possibility of conflict.
Regional integration promotes global business in that it removes in stages or all together, previous barriers to foreign investments and other business ventures. As long as the policies set forth by the regional trade bloc are followed, businesses within each member country are encourages to participate in business activities such as forming strategic alliances, licensing, exporting, and relocating operations to other countries within the regional block to name a few. Businesses looking to expand globally have the opportunity to reduce productions costs through actions such as setting up manufacturing operations in another country where they would have access to products and or services that were previously unavailable or too expensive to purchase. Regional Integration gives businesses the means to increase revenue significantly by expanding globally.
The Caribbean countries formed a regional integration between themselves in 1973 called the Caribbean Community and Common Market (CARICOM). Member countries that make up CARICOM are: Antigua and Barbuda, Belize, Grenada, Montserrat, St. Vincent and the Grenadines, Turks and Caicos Islands, The Bahamas, British Virgin Islands, Guyana, St. Kitts and Nevis, Suriname, Barbados, Dominica, Jamaica, Saint Lucia, and Trinidad and Tobago. There are also countries with CARICOM observer status that include, Anguilla, The Cayman Islands, Haiti, Puerto Rico, Aruba, Colombia, Mexico, Venezuela, Bermuda, Dominican Republic, and the Netherlands Antilles.
According to Charles Hill in the text, International Business: Competing in the Global Marketplace, “Regional integration will not increase economic welfare if the trade creation effects in the free trade area are outweighed by the trade diversion effects.” In other words, to be beneficial to the regional economy, the CARICOM rate of high-cost domestic producers replaced...

Find Another Essay On Regional Integration In The Caribbean

Music in the Caribbean Essay

1801 words - 8 pages Music is “The art of arranging sounds in time so as to produce a continuous, unified, and evocative composition, as through melody, harmony, rhythm, and timbre” ( Farlex, Inc 2013). Caribbean music has its own unique history, is very diverse with each island having its own unique genre of music. With so many different types of music out there and different performing artists these artists are looking for ways to make money by becoming popular

Colonialism in the Caribbean Essay

1548 words - 6 pages Colonialism in the Caribbean Although Michelle Cliff, Antonio Benitez- Rojo, and Sidney Mintz all discuss the Caribbean in their writings they all have very distinct perspectives. In his writing, The Caribbean as a Socio-cultural Area, Sidney Mintz discusses the Caribbean from a historical standpoint in which he characterizes it as a socially united, rather than a culturally united one. Antonio Benitez- Rojo tries to explain the distinct

Economic development in the Caribbean: from the perspective of the comparison of Martinique and the Bahamas Assignment COURSE TITLE: "REGIONAL ECONOMIC DEVELOPMENT"

8211 words - 33 pages III. SemesterEconomic development in the Caribbean: from theperspective of the comparison of Martinique and theBahamasAssignmentCOURSE TITLE: "REGIONAL ECONOMIC DEVELOPMENT"December, 20072Table of contents1. Introduction……………………………………………………………………….....p. 31.1

Institutionalized Education in the Caribbean

1564 words - 7 pages the Caribbean needs to employ effective measures within the education system which will meet the present needs of society. I believe that there are key aims which should be the focus of regional education. In considering what I think education should achieve, the term ‘education’ will be viewed in the context of formal schooling, that is, institutionalized education. Education in the institutional sense refers to one’s development as result of

International business: "How companies can make the most of opportunities offered by increasing regional economic integration?'

1244 words - 5 pages Since the Second World War most of developed countries focused on economic growth and stability within their boarder as well as organizations within their policies tend to potential raise on international and local markets. In order to achieve this goal a lot of successful companies form economic cooperation. Famous type of such union is regional economic integration, that includes countries eager to improve their economic development and become

The End to Slavery in the Caribbean

1268 words - 5 pages The End to Slavery in the Caribbean The Haitian Revolution (1791-1804) was the first successful slave revolt in the Caribbean, and it was one of the most important events in the history of the Americas. Along with the obvious human rights benefits that the Haitian Revolution achieved, there were some serious setbacks for the nation as well. Between 1783 and 1789, Saint Domingue was the foremost sugar producer in the region, but

Impact of Tourism in the Caribbean

2086 words - 8 pages According to the ‘World Tourism Organization’ (UNWTO), the tourism industry is one of the fastest growing sectors in the world, as it is estimated that by the year 2020, 7.8 billion people (roughly a quarter of the world’s population) will embark on a foreign trip (Bennett & Gebhardt 15). The Caribbean is said to be the most economically dependent on this industry, as the ‘Caribbean Tourism Organisation’ states that the industry forms the

Slavery in West Africa and the Caribbean

652 words - 3 pages Many people around the world believe that slavery was only held in North America with Africans being the only type to face punishment. This widely spread stereotype is actually false. The Caribbean and West Africa were large affected by the transatlantic slave trade in 1450 to1750. While wrong and immoral, the slavery in both places have similarities and differences. 
 The Caribbean was one of the worst slave trading operations in the world

Plantation and Race in the Caribbean

1740 words - 7 pages Plantation and Race in the Caribbean The incredible history of the Caribbean is indeed, one of the most rich, and at the same time troubling, of the New World. Its incredibly heterogeneous population and its social racial base make it a very difficult place to, for instance, live and raise a family. While some children may have a future because of their light complexion, the others are doomed to a life of poverty in the unforgiving culture

Music as a culture in the Caribbean

759 words - 3 pages People listen to a great deal of music everyday. It has been around since the existence of time. Almost everyone listens to music, but today it has grown to become an addiction and culture. Nearly every household has a radio and a musical instrument. Music today has been sub - divided into three categories depending on its style and culture. The three major categories of music that people in the Caribbean listen to are soca, reggae and rap music

Life of a Slave in the Caribbean

1438 words - 6 pages Life of a Slave in the Caribbean The experience of Caribbean slavery is vital in understanding the contemporary social structure of the region. It was the introduction of an estimated four million Africans to the Caribbean which made these islands melting pots of culture and society. Since Africans had such a tremendous impact on the region, it is important that we recognize the nature of slavery and how it transformed their lives. Although

Similar Essays

Regional Integration In Asia Essay

955 words - 4 pages IntroductionIn this paper, I will be discussing the role of regional integration in Asia. The regional integration that I will be explaining is the Asia-Pacific Economic Cooperation (APEC). I will also include the advantages and disadvantages of APEC. I will compare and contrast the economic development stages of the countries within the region along with the ramifications of economic development for global business.Role of Regional

Regional Economic Integration And The European Union

993 words - 4 pages This paper will evaluate regional economic integration and its role in promoting global business and will discuss the advantages and disadvantages of it. The European Union (EU) will be looked at and discussed and the different countries involved in that union will be evaluated as well as their stage of economic development.The world is changing rapidly. One hundred years ago the world was very much separated by borders. With the advent of

The Role Of Southeast Asian Regional Integration In Promoting Global Business

1254 words - 5 pages Regional Integration PAGE 6 The Role of Regional Integration in Promoting Global Business Greg Kear University of Phoenix MGT 448 April 5, 2007 The Role of Regional Integration in Promoting Global BusinessIntroductionOne would think that John Sweeney, as a life-long unionist and current president of the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), would be opposed to the concept of globalization. In fact

Regional Paper Select A Region, And Prepare A 1,050 1,750 Word Paper In Which You Analyze The Role Of Regional Integration In Promoting Global Business

982 words - 4 pages American Free Trade Agreement (NAFTA). This will include the different economic development stages of the countries in NAFTA and the ramifications of the region's economic development for global business.DefinitionThe concept of regional economic integration is defined as nations of a geographic region coming together in some type of agreement to foster trade and development. Investorswords.com defines NAFTA as the (NAFTA, 2007) "North American