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 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 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." Under this trade agreement, all non-tariff barriers to agriculture will be eliminated by 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.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 that the United States grain farmers and the United States banking, financial, and telecommunications sectors would gain enormous new markets.DisadvantagesThe disadvantages of NAFTA include the loss of labor jobs in the United States. This trade agreement has the potential for lower safety and health standards. NAFTA also limits the adoption of certain economic polices by member nations. NAFTA is also blamed for the 1994/95 Peso Crisis that led to economic hardship in Mexico due to the encouragement of foreign inflow of capital into the Mexican market.Economic DevelopmentThe economic development of the three NAFTA members is dissimilar in their GDP...

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