'regionalism Is Growing In Importance.' Examine The Evidence For This Statement And Analyse The Impact For Business.

2453 words - 10 pages

'Regionalism is growing in importance.' Examine the evidence for this statement and analyse the impact for business.IntroductionThe global trading system is in a circumstance of potential crisis. Its main system, multilateralism has been impeded due to the trade barriers generated by the spread of regional trading agreements. The current proliferation of regionalism has already become prominent to some extent that nations feel that they are able to negotiate more at a regional level than a global level. In addition, since the trade liberalization has rapidly developed, the regional approach has formed increasingly. Countries find it less complex to commonly establish agreeable arrangements with their neighbours than with the full membership in the World Trade Organization (WTO). These elements put forward the question-what the condition of regionalism. This essay mainly focuses on the several reasons why regionalism becomes more and more important. Firstly, I will discuss the meaning of regionalism and the development of regional blocs in the play field. Secondly, I will mention the reasons for the collapse of WTO and the growing of regional agreements. Finally, I will present an argument of how regional economic integration in part response to globalisation and the causes of deep integration arrangement. On the other hand, I will analyse how regionalism impact on business by emphasizing a dominant bilateral agreement established in the textile industry between the United States and Mexico, the benefits for the enterprises' growth and the 'spaghetti bowl' effect.Main BodyFirstly, it is necessary at the outset to consider what the meaning of regionalism. Sajal Lahiri states that "Regionalism can broadly be defined as a tendency towards some form of preferential trading arrangements between a number of countries belonging possibly to a particular region." (1998, 1126). Preferential trade arrangements are to eliminate the barriers among its members. These arrangements can facilitate trade development and make trade efficiently that products could be obtained within a low cost from the trade partners instead of the products from the domestic producers. Meanwhile, many regional groups have been set up. The most famous one is that the European Union has established to complete their internal market. Europe's success in the economic integration also promote other states to try similar experiment, the United State, Canada, Mexico have been negotiated to form the NAFTA. At the same time, the process has been extended from developed countries into developing nations, for example, in 1989; APEC formed a regional trade bloc.The below table describes the share of world trade in the regional free trade arrangement.Regional Free Trade Arrangement (1993)Share of World TradeEuropean Union 22.8EUROMED 2.3NAFTA 7.9Mercosur 0.3Free Trade Area of Americas (in addition to its sub-regionals) 2.6AFTA 1.3Australia-New Zealand 0.1APEC (in addition to its sub-regionals)...

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