Mgt/448 Week 2 Individual Essay

1038 WordsNov 1, 20135 Pages
MGT 448 Global Business Strategies Regional Integration For and Against Articles Name Date Instructor Introduction This paper will analyze and discuss Regional Integration within the European Nation, the advantages and disadvantages and relate the stage of economic development of the economically integrated region to potential business opportunities in those countries. “Regional Integration is a process in which states enter into a regional agreement in order to enhance regional cooperation through regional institutions and rules, (Wikipedia, 2008).” Regional integration focuses into helping countries remove trade barriers and overcome political issues associated with the environment, geographic and much more. ASEAN Pursues EU- Style Regional Integration The author chooses this article in order to provide one example of region in favor of regional integration. “The European Union organized a group of nations with different currencies and languages - and profits followed, (YaleGlobal, 2007).” According to this article grouping currencies from different countries would help regional integration, also help the economy of the region and build stronger relationships. The Association of South East Nations (ASEAN) wants to try the same strategy that the EU had previously suggested and integrate currencies within the regions. In the past former prime minister of Singapore Lee Kuan Yew had declined this idea saying “to have one currency, a borderless community, I don’t see that, not yet.” Mr. Lee thought this country could accomplish this goal but maybe after 50-80 years. In order to get the process started they would need to draft a charter but according to the article the organization has resisted in the past because of the different economies within the region. This is still in the beginning stages but it has been said that it will be a legally binding charter

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