The Role of Regional Integration in Promoting Global...

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. â€Å"Most major cities are often†¦show more content†¦Venezuela is not listed with (NAFTA, EU, APEC, ASEAN, CAFTA), but indirectly, with the regional integration, NAFTA and the others might effect the global expansion. In fact, Venezuelan President Hugo Chà ¡vez at the 5th Alba Summit was quoted as saying â€Å"ALBA is not an agreement of the elite. ALBA is born from down below, from the grassroots of the population. Without the people no union would be possible and that is one of the criticisms that we have always made of other integration efforts† (www.venezuelanalysis.com). ALBA the Bolivarian Alternative for the Americas, was first proposed by Venezuelan President Hugo Chà ¡vez in 2001 as an alternative to the Free Trade Area of the Americas (FTAA) promoted by the United States government. The leaders of ALBA are Bolivia, Cuba, Venezuela, and Nicaragua. Venezuela who is the world’s third largest oil-exporter, ranking within the top four petroleum exporters to the United States. According to the World Bank, petroleum accounts for about 80% of Venezuela’s total exports, 25% of GDP, and 50% of all fiscal revenues. Outside of regional integration and globalization on a limited scale Venezuela plans to utilize its oil as the main building block to improve its economy and wealth of the people. However, Venezuela is apart of the Andean Community which consists of Bolivia, Colombia, Ecuador, Peru and Venezuela. Also in 1995, Venezuela, Columbia, and Mexico established the MLFTA (MultilateralShow MoreRelatedThe Role Of Regional Integration Essay1476 Words   |  6 PagesGlobal Business as pertaining to our topic describes changes in our worlds economy that result from dramatically increased internationational trade and cultural exchange. This paper will analyze the role of NAFTA (North American Free Trade Agreement) in promoting global business. Besides NAFTA, regional integrations such as: EU, APEC, ASEAN, CAFTA, or others may be discussed for the purpose of comparing advantages and disadvantages of regional integration. 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