The Role of Regional Integration in Promoting Global Business. Regional integration is growing as a means for economic growth for many countries. Throughout this paper we will discuss the promoting of regional integration into the Northern South America region. In addition, the paper will discuss the advantages and disadvantages of regional integration as it relates to (NAFTA, EU, APEC, ASEAN, CAFTA). Regional Overview
The Northern South America region contains two countries Columbia and Venezuela. Both of the countries in this region have a wide array of natural resources that have been exploited by European settlers for centuries. The population combined for the two countries is estimated at 70 million. “Most major cities are often located on the coast of either the three main waterways bordering the region- the Pacific Ocean, the Atlantic Ocean and the Caribbean Sea. The two Andean States of Colombia and Venezuela are located in the northwestern part of the continent. They both are Caribbean-bordering countries. Two independent states and a dependent state are located in the Guiana Highlands. Guyana, Suriname and French Guiana, respectively are located on the Atlantic Ocean.” (www.answers.com) Integrating Latin America
Regional integration began in the Northern South America Region in the 1990’s. For most of Latin America this was also the case. This integration enabled these countries to strengthen there relations with other countries by revamping existing policies to meet and coexist with the changing world. “In addition to regional integration schemes or multi-countries FTAs (free trade agreements), such as NAFTA, MERCOSUR and FTAA, various bi-lateral FTAs have emerged amongst Latin American countries and between then and extra-regional countries in the second half of the 1990s” (p. 2). Columbia for example has adopted the CFTA (Columbia free trade agreement). This agreement allows for over eighty percent of U.S. exports of consumer and industrial...
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