REGIONAL ECONOMIC INTEGRATION

  • How Regional Economic Integration influences the global business environment?
  • What is the impact of Regional Economic Integration on business and business management?

Although international business and trade on a global scale have resulted in global benefits such as faster economic growth and development, increased consumer welfare, increased competition, and job creation, many countries continue to work together on a regional scale, developing bilateral and multilateral free-trade area agreements, customs unions, common markets, and economic unions. Countries have a variety of motives for regional economic integration and they pursue various degrees of integration. The European Union is the world’s most advanced regional integration bloc, whereas the North American Free Trade Agreement (NAFTA) and theAssociation of South East Asian Nations (ASEAN) are in the first stages of the integration process. Regional economic integration comes with benefits and costs, but has steadily contributed to further nations’ interconnectedness and interdependence.

Module Objectives

In this module, you will:

  1. Explain regional economic integration, its evolution, and its benefits and costs.
  2. Identify the primary reasons why countries are pursuing regional integration.
  3. Explain why the European Union is seen as the most advanced regional integration bloc.
  4. Describe how USMCA (NAFTA) has affected the U.S-Mexico-Canada trade in goods and services.
  5. Explain the importance of ASEAN and indicate why Asia may become the most important free-trade region for this century.
  6. Explain why regional integration in Latin America is challenging and why there is potential for groupings like MERCOSUR to become more predominant.
  7. The Impact of Regional Agreement on a Multinational Company.As a team, select a multinational company headquartered in the U.S. and discuss what and how various regional agreements impact its operations. Discuss your findings in a 1-page paper based on your research and material covered in Module 7 (please provide references on a second separate page.
    • You will receive six (6) points for completing the assignment in its entirety and thoroughly addressing all requirements. If some information is missing and/or requirements are not fulfilled, points will be deducted accordingly.
    • Only people on the team who have actively contributed and worked on the exercise will receive credit on this exercise. All participating team members will receive the same grade. Please include the names of the members who actively participated in the exercise. Only one team member needs to submit for the whole team. Please see the Written Submission Guidelines in the syllabus.
    • Submit using the link to the associated TurnitIn assignment below.

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