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. 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...

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