Regional Paper

1228 words - 5 pages

Hill (2005) describes regional economic integration as "agreements among countries in a geographic region to reduce, and ultimately remove, tariff and nontariff barriers to the free flow of goods, services, and factors of production between each other" (Hill, 2005, p. 268). Globalization allows businesses and consumers around the world to produce, distribute and purchase products which are grown, processed, and distributed by the efforts of multiple countries across the globe (Hill, 2005).Globalization efforts have brought the development of organizations such as NAFTA, EU, APEC, ASEAN, CAFTA and others to address globalization among specific member countries within each organization. Globalization has introduced or improved employment in developing countries and reduced the cost of goods sold in developed countries such as the United States, increasing profit margins for corporations and stockholders (Hill, 2005)The 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 "North American Free Trade Agreement. A 1994 agreement reached by the United States, Canada, and Mexico that instituted a schedule for the phasing out of tariffs and eliminated a variety of fees and other hindrances to encourage free trade between the three North American countries." (NAFTA, 2008) Under this trade agreement, all non-tariff barriers to agriculture will be eliminated by late 2008. NAFTA is considered a free trade area type of agreement. The first characteristic of a free trade area is the liberalization of trade regulation for members. Second, the removal of trade barriers placed against members. This includes the removal of tariffs, quotas, and various non-tariff barriers, or a pledge to remove such trade barriers by a certain date. (Kehoe, n.d)The geographical region of the United States will be the area of focus and will discuss the advantages and disadvantages of the North American Free Trade Agreement (NAFTA) on regional integration. Lastly, this paper will compare and contrast the economic development stages of the countries within this region and the ramifications of economic development for global business.AdvantagesNAFTA allows the member countries to specialize in their exported product and therefore, become more efficient in its production. This agreement spurs growth, generates jobs and protects the environment in the member nations. NAFTA promotes competitive advantage by the use of modern technology and the use of cheap labor. The agreement will help to modernize Mexico thus requiring that country to purchase equipment from the United States. Plants in Mexico are more likely to buy components from the United States and for every $1b in exports, 40,000 US jobs are created. (Royo S, 2001). It was anticipated that US automakers would benefit in the short run by taking advantage of the low wages in Mexico and...

Find Another Essay On Regional Paper

Regional Economy Paper on ASEAN

1798 words - 7 pages Development of a regional economy is an important part of economic growth. It is an important part of economic growth because it contributes to the overall well being of the country, state, or nation- whichever region that may be in the process of being developed. There are many factors that must be taken into consideration in order to develop the economy of a region, like the different drivers and forces that are in the economy, such as: major

Globalization and Regional Institutions Essay

1492 words - 6 pages the European Union, the widespread economic system is a great example of the increasing homogenization of world markets with an interest in membership (Ardalan, 10). Although the European Union is a common example of the regional organization, and will be talked about more throughout this paper, Africa also has some interesting regional trade agreements. The Economic Community of West African States (ECOWAS) has been very successful in

Against Regional Integration

578 words - 2 pages Regional Integration Paper PAGE \* MERGEFORMAT 1 Against Regional IntegrationAgainst of Regional IntegrationThe implementation of the Free Trade in North America (NAFTA) in 1994 and the establishment of the World Trade Organization (WTO) in 1995 were presented as a way to create global prosperity. However, results have shown that this business model, driven by the business sector, has caused a deterioration of labor rights and environmental

Mercosur: Regional Integration

1107 words - 4 pages Regional Paper - MERCOSUR Regional integration is the process by which countries agree to reduce or eventually remove tariff and non-tariff barriers to promote the free flow of goods and services amongst countries. Global business is accomplished when organizations conduct business internationally and are not committed or bounded to a single home country. Regional integration combined with global business supports organizations conducting

Regional Integration In Asia

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

Quality: Regional Amusement Parks

1586 words - 6 pages amusement parks. It is applied to the owners of regional amusement parks. The award was designed to recognize specific companies that both establish and effectively demonstrate high quality standards as well as bring a rise in both process and product quality so that there will be an increase in competition between amusement parks and ultimately raise quality standards overall. The award is only for leading elite companies, given to no more than one

Cultural and Regional Differences

1778 words - 7 pages international production network with a plant in [Shenyang, Lianoning in] Northeast China. The plant, a joint venture between the BMW Group and Brilliance China Automotive Holdings Ltd., produces vehicles solely for the local market and contributes to developing and penetrating the Chinese market" (BMW-Shenyang, 2007). This paper examines the cultural and regional differences impacting global HRM within BMW. In addition, an outline suggesting a global

Regional Integration (Advantages and Disadvantages)

1251 words - 5 pages In this paper, I will select a region, chose a trading bloc within that region, and write an article in favor of regional integration and another against it. I will also describe the advantages and disadvantages of regional integration within both articles and relate the stage of economic development of the economically integrated region to potential business opportunities. Before stating my opinions of why I would be for regional integration

Regional Integration In The Caribbean

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

Regional Economy of South America

866 words - 3 pages Regional Economy of South AmericaIn this paper I will be discussing the development of the economy of South America which will include several major drivers and forces, such as major cities, major products and manufacturing locations, where raw materials come from, and transportation networks that have either created corridors or barriers to economic development. I will also include a discussion of the historic impact of social climate, wars

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

Similar Essays

Regional Paper

1125 words - 5 pages Global business refers to production as well as to markets. These contain transactions that are developed and implemented across worldwide borders in order to meet set objectives. Some transactions include import, export, and foreign direct investment (FDI). This paper will analyze the role of regional integration in promoting global business. The geographical region of the United States will be the area of focus and will discuss the advantages

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

Regional Paper

1615 words - 6 pages define regional integration as well as discuss its role in promoting global business. The geographical region of Southeast Asia will be the area of focus and a discussion will be held on the advantages and disadvantages of the Association of Southeast Asian Nations (ASEAN) on regional integration. Finally, I will compare and contrast the economic development stages of the countries within this region and the effect of economic development in global

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 Regional Integration PAGE \* MERGEFORMAT 2 Running head: REGIONAL INTEGRATIONRegional IntegrationUniversity of PhoenixCONTENTS3Introduction 3Definition 3Advantages 4Disadvantages 4Economic Development 5Global Business 6Conclusion 7References IntroductionGlobal business can be encouraged by regional economic integration. With regional integration, advantages and disadvantages exist. This paper will examine the regional integration of the North