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Forced to compete with large multinationals and Mexican conglomerates, many traditional family-owned firms have had to close because they were unable to compete in the global marketplace. When Canada asked to be party to any negotiations to preserve its rights under the most-favored-nation clause (MFN), the negotiations began for NAFTA, which was finally signed in 1992 and implemented in 1994. The six founding nations were France, West Germany, Italy, and the Benelux countriesThe grouping of Belgium, Luxembourg, and the Netherlands. Once highly protected, Mexico is now open for business. This is the most basic form of economic cooperation. As part of NAFTA, two side agreements addressing labor and environmental standards were put into place. There are higher requirements for footwear and cars. For example, this origin of content rule has ensured that cheap Asian manufacturers wouldn’t negotiate lower tariffs with one NAFTA country, such as Mexico, and dump cheap products into Canada and the United States. Originally, the agreement (then called the Central America Free Trade Agreement, or CAFTA) encompassed discussions between the US and the Central American countries of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. However, only partial accords have been reached between the government and the peasants. 7. Canadian and US consumers have benefited from the lower-cost Mexican agricultural products. By and large, Canadians have been supportive of NAFTA and exports to the region have increased in the period since implementation. Figure 2.2 Countries in the EU (as of May 1, 2011). Keith B. Richburg, “China, Taiwan Sign Trade Pact,” Washington Post, June 30, 2010, accessed April 30, 2011. As a result of the Pacific Ocean connection, this geographic grouping includes the United States, Canada, Mexico, Chile, Peru, Russia, Papua New Guinea, New Zealand, and Australia with their Asia Pacific Rim counterparts.33 This assortment of economies and cultures has, at times, made for interesting and heated discussions. 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. Identify the major regional economic areas of cooperation. William M. Pride, Robert James Hughes, and Jack R. Kapoor, Business, 9th ed. However, the Treaty of Maastricht in 1993 stands out as an important moment; it’s when the realeconomic union was created. The United States, as the largest country member in NAFTA, won’t give up its rights to independently determine its economic and trade policies. When it was introduced, NAFTA was highly controversial, particularly in the United States, where many felt it would send US jobs to Mexico. 6. Long-term relationships are still the foundation on which trust is established and business is built. The opening case study addressed some of the current challenges the EU is facing as a result of the impact of these aims. The European single market is the foremost advantage of being a member of EU. 18. Euro markets, or euro countries, are the countries using the euro. Nadim Kawach, “Unrest Will Not Affect GCC Monetary Union: Bahrain Central Bank Governor Says Union Remains Open for Other Members,” Emirates 24/7, March 12, 2011, accessed April 30, 2011, http://www.emirates247.com/2.266/finance/unrest-will-not-affect-gcc-monetary-union-2011-03-12-1.366972. At the same time, it’s making the CAFTA-DR countries richer and increasing the purchasing power of their citizens. The unification of Africa is also to be advanced economically through six regional or sub-regional "building blocks". There are, however, many overlapping 'regional integration' groupings in Africa pursuing differing and even competing programs, particularly in the trade sphere. China already absorbed Hong Kong in 1999, after the hundred-year lease to Britain ended. In 2009, ASEAN and India also signed the ASEAN–India Free Trade Agreement (FTA). Having long-established personal and professional relationships with key ASEAN decision makers, the Council is able to arrange genuine dialogues, solve problems and facilitate opportunities in all types of market conditions, and provide market entry and exclusive advisory services.“About the US–ASEAN Business Council,” US–ASEAN Business Council, accessed December 31, 2010, http://www.usasean.org/Aboutus/index.asp. Since then, Canada, Mexico, and the United States have each negotiated bilateral trade agreements with Chile, but there is still occasional mention that Chile may one day join NAFTA.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. It’s the most significant agreement since the two countries split at the end of the Chinese Civil War in 1949.34 It will boost the current $110 billion bilateral trade between both sides. The huge growth in trade between the United States and Mexico has greatly expanded the role—and scale—of these assembly operations. 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). Anthony DePalma, “Passing the Torch on a Chile Trade Deal,” New York Times, January 7, 2001, accessed April 30, 2011. Eventually Chile dropped out, while Venezuela joined for about twenty years and left in 2006. There’s no longer a currency–exchange rate risk, and the elimination of the need to convert currencies within euro markets reduces transaction costs. Since inception, Myanmar (Burma), Vietnam, Cambodia, Laos, and Brunei have joined the association.Sanjyot P. Dunung, Doing Business in Asia: The Complete Guide, 2nd ed. The Dominican Republic–Central America–United States Free Trade Agreement (CAFTA-DR) is a free trade agreement signed into existence in 2005. 1. The GDP of this group of nations is put at $624bn (£382.9bn).44. Along with the benefits, challenges have also come with the increased trade. Here a few examples: North American Free Trade Agreement (NAFTA): Canada, Mexico and the USA. This is slowly changing, spurred in part by an aggressive cadre of young professionals who pursued graduate education in the United States. This is the most basic form of economic cooperation. There are four main types of regional economic integration. Member countries remove all barriers to trade between themselves but are free to independently determine trade policies with nonmember nations. Regional integration is a process in which countries enter into a regional agreement in order to enhance regional cooperation through regional … (San Francisco: Jossey-Bass, 1998). “Tri-lateral [merchandise] trade has nearly tripled since NAFTA came into force in 1994. This assortment of economies and cultures has, at times, made for interesting and heated discussions. 10. Surging trade, rising investment, and expanding output are the economic indicators that point to the group’s remarkable achievement. Data. Several regional agreements function as pillars of the AEC:43. In the years following the Chiapas uprising, poverty in southern Mexico has risen to about 40 percent, while in the north, poverty has decreased thanks to closer economic links with the United States.8. 13. The rules governing origin of content are key to NAFTA. The Common Market of the South, Mercado Común del Sur or MERCOSUR, was originally established in 1988 as a regional trade agreement between Brazil and Argentina and then was expanded in 1991 to include Uruguay and Paraguay. Poland, the Czech Republic, Hungary, Slovakia, and Slovenia joined the EU on May 1, 2004, with Bulgaria and Romania following suit on January 1, 2007.“About CEFTA,” Central European Free Trade Agreement, accessed April 30, 2011, http://cefta.net. Generate global competition 5. 34. The EU is a unique organization in that it is not a single country but a group of countries that have agreed to closely cooperate and coordinate key aspects of their economic policy. In 2009, ASEAN signed a free trade agreement with New Zealand and Australia. By reducing tariffs and trade barriers, the countries hope to create a free-trade zone where companies can benefit from the transfer of goods. 15. Since its launch, the euro has become the world’s second-largest reserve currency behind the US dollar. It shows how the EU can come out stronger from this crisis and how it can be turned into a smart, sustainable, and inclusive economy delivering high levels of employment, productivity, and social cohesion. (Belgium, Luxembourg, and the Netherlands), all of which signed a treaty to run their coal and steel industries under a common management. Europa, the Official Website of the European Union, accessed April 30, 2011. Along with the benefits, challenges have also come with the increased trade. Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. “About the US–ASEAN Business Council,” US–ASEAN Business Council, accessed December 31, 2010, http://www.usasean.org/Aboutus/index.asp. 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. Furthermore, a primary goal for the development of the EU was that Europeans realized that they needed a larger trading platform to compete against the US and the emerging markets of China and India. There are higher requirements for footwear and cars. It’s often called a “spaghetti bowl” of global bilateral and multilateral trade agreements, because the agreements are not linear strands lining up neatly; instead they are a messy mix of crisscrossing strands, like a bowl of spaghetti, that link countries and trading blocs in self-benefiting trading alliances. It is designed to make the EU more democratic, efficient, and transparent and to tackle global challenges, such as climate change, security, and sustainable development. Business and particularly interpersonal business relationships were viewed as something that should be pleasurable, like other important aspects of life. Foreign Affairs and International Trade Canada, “Fast Facts: North American Free Trade Agreement,” December 15, 2009, accessed December 30, 2010. Caribbean Community (CARICOM) Secretariat website, accessed April 30, 2011, http://www.caricom.org/index.jsp. For example, American companies doing business in one of the ASEAN countries often choose to become members of the US–ASEAN Business Council, so that they can monitor and possibly influence new trade regulations as well as advance their business interests with government entities. Regional integration theory seeks to explain the establishment and development of regional international organizations. Shortly after it was approved and implemented, the United States started to negotiate a similar agreement with Mexico. The Association of Southeast Asian Nations (ASEAN) was created in 1967 by five founding-member countries: Malaysia, Thailand, Indonesia, Singapore, and the Philippines. “History of the European Union,” Europa, accessed April 30, 2011. Lucy Hornby, “Taiwan and China Sign Trade Pact,” Reuters, June 29, 2010, accessed April 30, 2011, http://www.reuters.com/article/2010/06/29/us-china-taiwan-signing-idUSTRE65S17Z20100629. The Cooperation Council for the Arab States of the Gulf, also known as the Gulf Cooperation Council (GCC), was created in 1981. The World Bank Group's Commitments to Regional Integration . Two waves of regionalism can be identified and a third may be underway. When Canada asked to be party to any negotiations to preserve its rights under the most-favored-nation clause (MFN), the negotiations began for NAFTA, which was finally signed in 1992 and implemented in 1994. For a variety of reasons—from geography and language to well-developed business and family connections—this is a role that Florida has been playing very successfully for a number of years and which, with the implementation of CAFTA-DR, is only gaining in importance.Enterprise Florida, “Your Business: International,” The CAFTA Intelligence Center, accessed December 30, 2010, http://www.caftaintelligencecenter.com/subpages/location-International.asp. 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. Describe the EU and why it’s considered the most integrated economic cooperative agreement. Member countries remove all barriers to trade between themselves but are free to independently determine trade policies with nonmember nations. Several regional agreements function as pillars of the AEC:Wikipedia, s.v. “ASEAN Countries to Integrate Regional Capital Markets by 2015,” Asia Economic Institute, accessed April 30, 2011. (San Francisco: Jossey-Bass, 1998). Gonzalo de Benito, Luigi Narbone, and Christian Koch, “The Bonds between the GCC and EU Grow Deeper,” The National, June 12, 2010, accessed May 23, 2011, http://www.grc.ae/index.php?frm_module=contents&frm_action=detail_book&frm_type_id=&op_lang =en&override=Articles+%3E+The+Bonds+between+the+GCC+and+EU+Grow+ Deeper&sec=Contents&frm_title=&book_id=69542. This single market permits the free flow of goods, service, capital, and people within the EU.“Four Market Freedom Which Benefit Us All,” Europa, accessed December 30, 2010, http://europa.eu/pol/singl/index_en.htm. The opening case study addressed some of the current challenges the EU is facing as a result of the impact of these aims. 4. The goal of NAFTA has been to encourage trade between Canada, the United States, and Mexico. If you are curious about a business career in trade, then you may want to consider combining a business degree with a legal degree for the most impact. 35. 15. A trade bloc is basically a free-trade zone, or near-free-trade zone, formed by one or more tax, tariff, and trade agreements between two or more countries. 36. Because the EU’s $18.4 trillion economy makes up 30 percent of the world economy, its poor prospects are likely to rebound on the United States, Asia, and other regions.26 Fixing the EU’s banking system is particularly tricky, because sixteen of the twenty-seven countries share the euro currency and a central bank, but banking regulation mostly remains under the control of the national governments.27, The Europe 2020 strategy put forth by the European Commission sets out a vision of the EU’s social market economy for the twenty-first century. 35. 43. The European Union (EU) is the most integrated form of economic cooperation. Maquiladoras in Mexico have seen a 15 percent annual increase in income. 46. Taiwan was allowed to join the forum, but only under the name Chinese Taipei.Sanjyot P. Dunung, Doing Business in Asia: The Complete Guide, 2nd ed. European Commission, “Andean Community Regional Strategy Paper 2007–2013,” December 4, 2007, accessed April 30, 2011. Overlapping and Competing Regional Groupings. 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. Types of Regional Trading Agreements. Euro markets, or euro countries, are the countries using the euro. Central European Free Trade Agreement (CEFTA) is a trade agreement between non-EU countries in Central and Southeastern Europe, which currently includes Albania, Bosnia and Herzegovina, Croatia, Macedonia, Moldova, Montenegro, Serbia, and the United Nations Interim Administration Mission on behalf of Kosovo (UNMIK)—all of whom joined in 2006.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. 2. 7. The African Economic Community (AEC) has more member countries than the EU, NAFTA, and APEC but represents a substantially smaller portion of global trade than these other cooperatives. Preferential Trade Areas. “About APEC: History,” Asia–Pacific Economic Cooperation, accessed April 30, 2011, http://www.apec.org/About-Us/About-APEC/History.aspx. Free trade area. Companies that choose to manufacture in one country find it easier and cheaper to move goods between member countries in that trading bloc without incurring tariffs or additional regulations. An example is the North American Free Trade Agreement (NAFTA). Cooperation Council for the Arab States of the Gulf website, accessed April 30, 2011, http://www.gcc-sg.org/eng/index.html. 11. “Institutions and Bodies of the European Union,” Europa, accessed April 30, 2011. “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. While Hong Kong is now managed by China as a Special Administrative Region (SAR), it continues to enjoy special economic status. On June 29, 2010, China and Taiwan signed the Economic Cooperation Framework Agreement (ECFA), a preferential trade agreement between the two governments that aims to reduce tariffs and commercial barriers between the two sides. “Trade between the EU and the GCC countries totalled €79 billion in 2009 and should increase under the FTA. (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. Economic cooperation or integration may take any one or a combination of any of the following forms: (i) Economic Union, (ii) Customs Union, (iii) Free Trade Area, (iv) Sectoral or Partial Integration, (v) Preferential Trading, (vi) Long-term Trade Agreements. Plus, post-independence conflict in Africa has left much of the continent with a legacy of poor governance and a lack of political integration which free trade zones aim to address…. This is the case, particularly, for relatively low-skilled labor. The expectation was that these side agreements would ensure that Mexico had to move toward improving working conditions. Further, having a single currency makes pricing more transparent and consistent between countries and markets. Because the EU’s $18.4 trillion economy makes up 30 percent of the world economy, its poor prospects are likely to rebound on the United States, Asia, and other regions.“Staring into the Abyss,” Economist, July 8, 2010, accessed December 28, 2010, http://www.economist.com/node/16536898. Accordingly, the organization has its own governing and decision-making institutions. Specifically, it has allowed Iceland (now an EU candidate), Liechtenstein, and Norway to participate in the EU’s single market without a conventional EU membership. Mohsin Khan, “The GCC Monetary Union: Choice of Exchange Rate Regime,” Peterson Institute for International Economics, April 2009, accessed April 30, 2011. The unrest in Chiapas stems from long-standing economic and social injustice in the region and from the Indians’ isolation and exploitation by the local oligarchy of landowners and mestizo bosses (caciques). 20. The goal of the agreement is the creation of a free trade area similar to NAFTA. This was shocking not only to Mexico’s leadership but to the international community. It’s easy to see how complicated the relationships can be with just one trading bloc. Among its various initiatives, the GCC calls for the coordination of a unified military presence in the form of a Peninsula Shield Force.38, In 1989, the GCC and the EU signed a cooperation agreement. Wikipedia, s.v. The entire history of the transformation of the EEC to the EU has been an evolutionary process. • The policy permits trading partners mutual gains from trade of goods and services. Account for a staged integration of the largest trading blocs decades, there are twenty-three official and languages... 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