European Commission, “Andean Community Regional Strategy Paper 2007–2013,” December 4, 2007, accessed April 30, 2011. Meaning of Economic Integration: A process whereby countries cooperate with one another to reduce or eliminate barriers to the international flow of products, people or capital; Takes place either on region or commodity; Levels Of Regional Economic Integration: Five levels of regional integrations: 1. For this reason, each subsequent type of the RIA covers the content of the previous type in addition to its own requirements. The GDP of this group of nations is put at $624bn (£382.9bn).Louise Greenwood, “Q&A: Free Trade Zones in Africa,” BBC Africa Business Report, BBC News, August 21, 2009, accessed December 31, 2010, http://news.bbc.co.uk/2/hi/business/8208254.stm. Free trade area. First, the EU doesn’t consist of the same countries as the continent of Europe. MERCOSUR constituents compose nearly half of the wealth created in all of Latin America as well as 40 percent of the population. Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. Since inception, Myanmar (Burma), Vietnam, Cambodia, Laos, and Brunei have joined the association.29. US multinational companies, such as John Deere, Zenith, Mattel, and Xerox, run the majority of the more than 3,600 maquiladoras in northern Mexico. “Institutions and Bodies of the European Union,” Europa, accessed April 30, 2011, http://europa.eu/about-eu/institutions-bodies/index_en.htm. Although it is the poorest state in Mexico, Chiapas has the richest natural resources, including oil, minerals, and electrical power. Regional economic integration is a type of trade liberalization treaty in the sense that the member states participating in the agreement decide to abolish tariffs and restrictive regulations that may hamper or discourage trade between each other. Some of the regional blocs also created side agreements with other regional groups leading to a web of trade agreements and understandings. 11. Businesses conducting business with one country in the EU now find it easier and cheaper, in many cases, to transact business with the other EU countries. It now has twenty-one member economies on both sides of the Pacific Ocean. Over the next fifty years, the EEC added nine more members and changed its name twice—to European Community (EC) in the 1970s and the European Union (EU) in 1993.18. This single market permits the free flow of goods, service, capital, and people within the EU.24 Although there is a single tariff on goods entering an EU country, once in the market, no additional tariffs or taxes can be levied on the goods.25. 41. (Boston: Houghton Mifflin, 2008), 89, accessed April 30, 2011, http://books.google.com/books?id=z2tEhXnm1rAC&pg=PA88&lpg=PA88&dq=will+chile+join+nafta+2009 &source=bl&ots=iohSe7YV0E&sig=BjQr2KOx0lsrAGhv5vMqeb9LhFU&hl=en&ei=hLu8 TZ3LPNDAgQeZusjqBQ&sa=X&oi=book_result&ct=result&resnum=6&ved=0CDoQ6A EwBQ#v=onepage&q=will%20chile%20join%20nafta%202009&f=false. The GCC has become as much a political organization as an economic one. Billions of dollars’ worth of products—from televisions to clothes to auto parts—are assembled in maquiladoras and then shipped back, tax free, to the United States for sale to US consumers. The Mexican economy has undergone dramatic changes during the last decade and a half as the country has become integrated into the global marketplace. Accordingly, it is possible to distinguish six different types 1 of integration. For example, many commentators see the political situation in the state of Chiapas as underscoring the alienation large groups have suffered as a result of the opening of the Mexican economy to global forces. When it was introduced, NAFTA was highly controversial, particularly in the United States, where many felt it would send US jobs to Mexico. 1. 12. The expectation was that these side agreements would ensure that Mexico had to move toward improving working conditions. Common Market for Eastern and Southern Africa website, accessed April 30, 2011. There are, however, many overlapping 'regional integration' groupings in Africa pursuing differing and even competing programs, particularly in the trade sphere. US influence is also pervasive in the products and services offered throughout Mexico. The focus was on the development of the coal and steel industries for peaceful purposes. 16. China already absorbed Hong Kong in 1999, after the hundred-year lease to Britain ended. Enterprise Florida, “Your Business: International,” The CAFTA Intelligence Center, accessed December 30, 2010. Focused primarily on economic growth and cooperation, the regional group has met with success in liberalizing and promoting free trade as well as facilitating business, economic, and technical cooperation between member economies. Although less emphasized today, one of the primary early missions of ASEAN was to prevent the domination of Southeast Asia by external powers—specifically China, Japan, India, and the United States. “Central European Free Trade Agreement,” last modified February 12, 2011, accessed February 16, 2011, http://en.wikipedia.org/wiki/Central_European_Free_Trade_Agreement. Wages and benefits are generally poor but much better than in the rest of Mexico. All of the Visegrad Group have relatively developed free-market economies and have formal ties.“About the Visegrad Group,” International Visegrad Fund, accessed December 30, 2010, http://visegradgroup.eu/main.php?folderID=858. The Council leads major business missions to key economies; convenes multiple meetings with ASEAN heads of state and ministers; and is the only U.S. organization to be given the privilege of raising member company concerns in consultations with the ASEAN Finance and Economic Ministers, as well as with the ASEAN Customs Directors-General at their annual meetings. 23. There are twenty-three official and working languages within the EU, and all official documents and legislation are translated into all of these languages. While NAFTA clearly advanced the goals of free trade, global businesses are often forced to deal with local economic, political, and social realities within a country. “About the US–ASEAN Business Council,” US–ASEAN Business Council, accessed December 31, 2010, 46. It calls for stronger economic governance in order to deliver rapid and lasting results.“Future for Europe,” Europa, accessed April 30, 2011, http://europa.eu/abc/12lessons/lesson_12/index_en.htm. Overall, global businesses have benefited from the regional trade agreements by having more consistent criteria for investment and trade as well as reduced barriers to entry. Tariffs and restrictions on trade with nations outside the agreement are retained. The six founding nations were France, West Germany, Italy, and the Benelux countriesThe grouping of Belgium, Luxembourg, and the Netherlands. Given its physical proximity, Florida is the main investment gateway to the CAFTA-DR countries: about three hundred multinational firms have their Latin American and Caribbean regional headquarters in Florida. With the Doha Round of the WTO dragging, APEC members have been discussing establishing a free-trade zone. With this treaty, the EU identified three aims. Anthony DePalma, “Passing the Torch on a Chile Trade Deal,” New York Times, January 7, 2001, accessed April 30, 2011, http://www.nytimes.com/2001/01/07/business/economic-view-passing-the-torch-on-a-chile-trade-deal.html. Over the past decade, Bolivia, Chile, Colombia, Ecuador, and Peru have become associate members, and Venezuela is in the process for full membership. With this in mind, it’s easy to see why so many Europeans see the need to speak more than one language fluently! 2. In the 1980s, Mexico had tariffs as high as 100 percent on select goods. Europa, the Official Website of the European Union, accessed April 30, 2011. Maquiladoras employ more than a million Mexicans, mostly unskilled women in their twenties and early thirties who work long hours. 44. Sanjyot P. Dunung, Doing Business in Asia: The Complete Guide, 2nd ed. Regional economic integration has enabled countries to focus on issues that are relevant to their stage of development as well as encourage trade between neighbors. The European Economic Area (EEA) was established on January 1, 1994, following an agreement between the member states of the European Free Trade Association (EFTA) and the EC (later the EU). “About CEFTA,” Central European Free Trade Agreement, accessed April 30, 2011, http://cefta.net; Andzej Arendarski, Ludovit Cernak, Vladimir Dlouhy, and Bela Kadar, “Central European Free Trade Agreement,” December 21, 1992, accessed April 30, 2011, http://www.worldtradelaw.net/fta/agreements/cefta.pdf; Wikipedia, s.v. More than this, the integration is helping transform national relations among South American nations and with the world as a whole, forging a new sense of shared leadership and shared purpose, which is sending ripples of hope across the continent and beyond. Croatia and Macedonia are in the process of becoming EU members.“About CEFTA,” Central European Free Trade Agreement, accessed April 30, 2011, http://cefta.net; Andzej Arendarski, Ludovit Cernak, Vladimir Dlouhy, and Bela Kadar, “Central European Free Trade Agreement,” December 21, 1992, accessed April 30, 2011, http://www.worldtradelaw.net/fta/agreements/cefta.pdf; Wikipedia, s.v. Similarly, Canadian and US companies have sought to enter the expanding Mexican domestic market. There are four main types of regional economic integration. 37. P. K. Abdul Ghafour, “GCC Common Market Becomes a Reality,” Arab News, January 2, 2008, accessed April 30, 2011. The first was to establish a single, common currency, which went into effect in 1999. 18. This assortment of economies and cultures has, at times, made for interesting and heated discussions. The huge growth in trade between the United States and Mexico has greatly expanded the role—and scale—of these assembly operations. A preference area constitutes to weakest form of integration and an economic union the strongest form of integration. “What Is CAFTA?,” CAFTA Intelligence Center, accessed April 30, 2011. There are higher requirements for footwear and cars. Taiwan’s motivation for signing the agreement was in large part an effort to get China to stop pressuring other countries from signing trade agreements with it.35. 16. China is eager for Hong Kong and Taiwan to serve as gateways to its massive market. China is eager for Hong Kong and Taiwan to serve as gateways to its massive market. 7. North America is one of the largest trading blocs. The Association of Southeast Asian Nations (ASEAN) was created in 1967 by five founding-member countries: Malaysia, Thailand, Indonesia, Singapore, and the Philippines. Shortly after it was approved and implemented, the United States started to negotiate a similar agreement with Mexico. 28. Europe’s economy faces a deeper recession and a slower recovery than the United States or other parts of the world. Andzej Arendarski, Ludovit Cernak, Vladimir Dlouhy, and Bela Kadar, “Central European Free Trade Agreement,” December 21, 1992, accessed April 30, 2011, http://www.worldtradelaw.net/fta/agreements/cefta.pdf. 4. Regional Integration 1. In all, more than two thousand companies headquartered outside the United States operate in Florida. 10. It calls for stronger economic governance in order to deliver rapid and lasting results.28, The Association of Southeast Asian Nations (ASEAN) was created in 1967 by five founding-member countries: Malaysia, Thailand, Indonesia, Singapore, and the Philippines. Customs union. The entire history of the transformation of the EEC to the EU has been an evolutionary process. This was shocking not only to Mexico’s leadership but to the international community. The Mexican economy has undergone dramatic changes during the last decade and a half as the country has become integrated into the global marketplace. Liz Alderman, “Contemplating the Future of the European Union,” New York Times, February 13, 2010, accessed April 30, 2011, http://www.nytimes.com/2010/02/14/weekinreview/14alderman.html. ASEAN’s primary focus is on economic, social, cultural, and technical cooperation as well as promoting regional peace and stability. 26. 45. Although this is an economic trade initiative, it has also been designed with clear political goals. “Basic Information on the European Union,” Europa, accessed April 30, 2011, http://europa.eu/about-eu/basic-information/index_en.htm. Source: “The Member Countries of the European Union,” Europa, accessed May 1, 2011, http://europa.eu/about-eu/member-countries/index_en.htm. European Commission, “Andean Community Regional Strategy Paper 2007–2013,” December 4, 2007, accessed April 30, 2011, http://www.eeas.europa.eu/andean/rsp/07_13_en.pdf. 2. Switzerland has also chosen to not join the EU, although it is part of similar bilateral agreements. Identify the major regional economic areas of cooperation. David A. Sanger, “Chile Is Admitted as North American Free Trade Partner,” New York Times, December 12, 1994, accessed April 30, 2011. Hope to create a free-trade zone where companies can benefit from the transfer of goods services! 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