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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 IntegrationFirst of all, who is the Asia-Pacific Economic Cooperation (APEC)? APEC was established in 1989 to help with the economic growth and success for their region and help strengthen the Asia-Pacific communities. From the beginning, they helped to reduce ...view middle of the document...

Advantages and DisadvantagesSince the beginning of APEC, their region has been vigorously the most economical part of the world. In the first 10 years of operation, they generated almost 70% of the global economic growth. The APEC region constantly outdid the rest of the world while even facing the Asian monetary crisis. The members work together to keep the economic growth by having commitment to investment, economic reform, and open trade. They have been more efficient and exported a great deal of goods because they progressively reduce tariffs and other trade barriers.The consumers in the Asia-Pacific had either directly or indirectly benefited from the members of APEC. The direct benefits include training programs, increased job opportunities, poverty alleviation, and stronger social safety nets. They also enjoy the lower cost of living due to the reduced trade barriers. By having a more economically competitive region this enables lower prices for goods and services.There are truly no disadvantages of APEC. By having economic growth, this leads to social advancement. During the first 10 years of operation there has been much advancement. The United Nations Development Programme (UNDP) Human Development Index for lower income APEC economies improve by nearly 18%1. Poverty in East Asian APEC economies fall by about a third (165 million people), mostly as a result of strong economic growth1. 195 million new jobs created in APEC Member Economies, including 174 million in lower income economies1. Infant mortality falling and life expectancy rising in lower income economies, which are linked to significant improvements in access to sanitation and safe water, and expanding public expenditure on health1. Heavy investments in human...

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