This paper will analyze the role of regional integration in promoting global business, discuss the advantages and disadvantages of the Asia-Pacific Economic Cooperation (APEC), compare and contrast the economic development stages of China and Singapore within APEC and ramifications of APEC economic development for global business.
Globalization pertains to the connectivity that allows people and businesses around the world to interact in a seamless manner without trials such as geography and cultural differences (Hill, 2005). Globalization has brought remarkable benefits to the world, and an even greater reliance on others for products and services.
There are many factors to be considered when conducting global business, one is regional integration. Regional integration promotes global business by building a relationship between countries within a specific region to develop economic and social strategies as well trade policies The capacity to accelerate and strengthen economic, social and cultural ties between countries is what makes regional integration so important.
These agreements are designed for all member countries to encourage free trade within their region.
Discuss the advantages and disadvantages of regional integration.
There are many advantages and disadvantages to regional integration. Some of the advantages to regional integration are the ability to establish free and open trade. Economically, free trade allows countries to specialize in a particular good and/or service that they can produce more efficiently. This would definitely be the result of greater production worldwide. Another important advantage is that free trade stimulates a country's economic growth, produces jobs as well as opportunities for trade and investments. Free trade in turn lowers the cost of production and the cost of goods and services. yes
Regional integration creates larger markets, increasing trade and the competition and in turn foreign investment. Regional integration also helps to bring groups together, supports unity, and helps to...