", For McLendon, the difference between a national and local chain comes down to "Do I have the ability to change something right now?" Regional Integration Advantages "The reaction time is much quicker.". "We'd like to be a 10-store chain eventually." Generally, globalization has affected manynations in various ways; economically, politically, and socially. In the case of both the European Union and the East African Community there are three outstanding benefits that regional integration can bring. Esso, Aditya Birla Group, Mobil 1135  Words | The European Union has a series of languages that it deems to be the official languages of the EU government. Over the past few decades globalization has brought tremendous benefits to the world, and an even greater reliance on others for products and services. Since a regional common market obviously provides a much larger market than that offered by the domestic market of a single country, economies of scale, both internal and external, become possible with the widened size of the market. While size can be a competitive disadvantage in retailing, regional retailers try to make the disparity work in their favor. February 09, 2013 Regional integration refers to various economic and political agreements that are formed between sovereign countries. "Free Trade Agreements Australia," Accessed Jan. 8, 2020.Office of the United States Trade Representative. I get out and see them all the time. "We're not as bureaucratic" as the national chains, Henley says. Investment diversion is a potential economic disadvantage of a regional economic integration program. While the families that own the businesses do want to make money-"We need to be accountable, and I'm accountable to our owners," Henley says-they can also exercise more patience. will be eliminated. The country has signed a bilateral FTA with India in 1999 and with Generate global competition 5. Why would a country participate in regional economic integration? The integration processes are complex, due to the controversies that arise among its members. Among the most outstanding features of the current processes of regional economic integration are: 1. You don't know what new products are coming out. On the other hand, bilateral agreements are not bound by the rules set by the WTO and do not solely focus on trade-related issues. INTRODUCTION Regional economic integration has a fairly long history in virtually all parts of Sub-Saharan Africa (SSA). Retailing is a tough business for regional chains in the best of times, having to compete against giant national companies with purchasing power and marketing budgets to match their coast-to-coast networks of stores. In addition, the paper will discuss the advantages and disadvantages of regional integration as it relates to (NAFTA, EU, APEC, ASEAN, CAFTA). 4. That helps them be prepared-one hopes-for more difficult times like we're in right now. Numerous corporations have started arranging themselves to meet the objections and openings of the Asean Economic Community. 4. BUS 240 And both Haggen and Bartell say their companies are doing well financially. Regional integration has a final non-economic disadvantage. All Rights Reserved. ADVANTAGES OF VERTICAL INTEGRATION 5  Pages. Timothy Callaghan Premium Disadvantages of membership of China 1. 16. Premium Deepening of democratic government systems. "We would love to expand," says Mike McLendon, vice president of the namesake company, which currently operates six stores. International trade, Venezuela, Brazil 1157  Words | During the recent downturn, Henley says, "A lot of those guys growing faster in the short term got into trouble or out of existence. The North American free trade agreement (NAFTA) is an agreement signed on January 1, 1994 between Mexico, Canada, and the United States governments. "Family firms tend to have a longer horizon," Pratt says. Premium “Regional Integration is a process in which states enter into a regional agreement in order to enhance regional cooperation through regional institutions and rules” (Babylon, 2011). We want the fate of the business to depend on us, not on a bank or vendors or whatever it is.". Economics, North American Free Trade Agreement, Economic integration 541  Words | 2. The slow-and-steady approach has proven to be better protection than sheer size or speed. United Nations, Asia-Pacific Economic Cooperation, Asia-Pacific 1289  Words | "Financing's a little bit of a challenge now," says Haggen Chairman Dale Henley, but the company is looking at opportunities and has properties under option for development. Disadvatages is possible threats to regional integration and development. 3  Pages. That can mean adjusting the hours a store is open, or stocking an item at just one store that customers have been asking for. A corporation is a legal entity, organized under state laws, whose investors purchase shares of stock as evidence of ownership in it. There is little doubt that globalization can be a powerful engine for sustained economic growth. "Because of that, their planning and their preparation are not quarterly oriented. China might use its economic power to dominate the small nations. Regional Integration For or Against Articles Regional integration is growing as a means for economic growth for many countries. The healthy effects of such a regional economic integration are presumed to be as follows: 1. Simply put, a regional trade agreement, or RTA, makes it easier for countries, such as the United States, Canada and Mexico in the North American Free Trade Agreement, to engage in trade.The countries in an RTA may or may not be in close proximity to one another; for example, the United States has regional trading partners located as far away as the Middle East, notes economist Donna Welles. 1. Regional integration concentrates into assisting nations eliminate trade hurdles and overcome political problems linked to the environment, geographic, and much more. This calls for closer international cooperation to ensure that. "EU and Japan Sign Trade Deal Covering a Third of the World's Economy," Accessed Jan. 8, 2020.Office of the United States Trade Representative. Economics, International trade, European integration 1043  Words | "In the Northwest, people here are loyal to local businesses," McLendon says. Institutional strengthening and free functioning of market rules. So, like all regional integrations the formation of CARICOM comes with its advantages and disadvantages. The big retailers also get a lot more attention from vendors and suppliers. Premium Gulf Cooperation Council (GCC) – 1981; North American Free Trade Agreement (NAFTA) Pacific Alliance Free Trade Area (PAFTA) South Asian Free Trade Area (SAFTA) Differences in free trade areas, customs unions, common markets, and economic unions. You just have to be nimble and pick your spots and work with companies that do work well with you. Disadvantages of trading blocs 1. CNBC. The rest of the world is not discriminated 6. For the moment, expansion plans are on hold, but McLendon says the company hires and trains with the expectation the new employees of today will someday be managers at those new stores. "If we have the cash, we'll consider them," he explains. What are the advantages and disadvantages of regional economic integration? Another significant difference between the big national retailers and successful regional chains: financial management. GLOBAL INTEGRATION: ADVANTAGES AND DISADVANTAGES Globalization is the process by which different societies, cultures, and regionaleconomies integrate through a worldwide network of political ideas throughtransportation, communication, and trade. These scale benefits can arise in public projects (see World Bank 2000 ) and also at the level of the private firm, where they typically interact with imperfectly competitive market structures. Regional Integration For and Against Articles Advantages: Import tariffs are introduced for the protection of the local economy/industry. Emphasis is placed on opening markets, eliminating trade barriers a… If SAFTA came into being china will get benefits from it. Definition: A regional trade block is the result of economic integration of various trading areas of different countries and it is also known as trade blocks, regional trade organizations, and regional groupings. It's just, are you betting everything? Some of the advantages are, * Foreign Direct Investments (FDI) stimulates economic growth through the sharing of technology, marketing channels, managerial know-how and to … The Asean Economic Community (AEC) will create a common regional market consisting of more than 600 million people in Asean countries such as Thailand, by 2015. It leads to reduction of transportation costs as the common ownership results in closer geographic proximity. A flurry of conferences amongst Asian leaders on the last day raised the possibility of forging a regional free trade pact, which is more likely to be raised on the 2009 Asia Pacific Economic Cooperation summit. Regional integration is an arrangement where countries in the same region enter into an agreement to enhance economic cooperation through agreed institutions and rules, focused on removing barriers to free trade in the region, increasing the free movement of people, labour, goods, and capital across national borders. Haggen, he says, has had a compound annual growth rate in sales of 13.5 percent since 1984. 6  Pages. It's just how frequently they've done it. Regional integration is a process in which neighboring states enter into an agreement in order to upgrade cooperation … The latter involves decreasing or eliminating import quotas, export restrictions, tariffs, and other trade-related barriers among states. They have to have done it certainly at startup and at each major growth spurt, but it's just the frequency. Perhaps we accept lower rates of return just to be safe. Regional stability can bring prosperity. RTB Regional trade Block - Types, Advantages and Disadvantages. geographic proximity. World Bank, Affect, United Nations 1385  Words | I would imagine each of these firms has done that. The cooperation of localities to address homelessness has produced benefits to citizens and to the governments themselves in the following ways: The risk to each city of moving too far on its own and being seen as an attraction for homelessness is reduced; rather, … Regional integration is, in essence, a double-edged sword, or a bitter-sweet solution for economic growth and prosperity, with its advantages and disadvantages; it is a risk that many countries are willing to take. Premium ©Copyright 2021 Tiger Oak Media. "We've kept our leverage rate low," Bartell says. January 25, 2012 The Role of Regional Integration in Promoting Global Business. "When they don't call on you, you don't have the up-to-date information. The advantages of the corporation structure are as follows: Limited liability.The shareholders of a corporation are only liable up to the amount of their investments. Therefore, to avoid being isolated off by other trade spouses and to intensify the cooperation with them, accessing advantages and disadvantages of organizing a regional trade understanding become necessary. 18 Advantages and Disadvantages of Vertical Integration Vertical integration is the combination of two or more production stages in one company that normally operate out of separate organizations. This calls for closer international cooperation to ensure that regional integration is ever more inclusive and works for the benefit of all. "In the Northwest, people here are loyal to local businesses," McLendon says. 5  Pages. Premium "We're able to adjust to the trends and the things that [customers] want. The transaction costs can be controlled if a firm acquires the other firms in the vertical chain, then one division of the same company will transfer goods to other divisions. 5  Pages. It's pretty hard to do that if you're in Cincinnati [headquarters of Kroger, parent of Fred Meyer and QFC] or someplace else. Regional Cooperation in South Asia: Sri Lanka’s Views Sri Lanka is a founding member of SAARC. The character of the region may also contribute to the success of regional chains too. They're not so much worried about this quarter, although that's there; it doesn't go away.". Regional cooperation offers a route to overcome the disadvantages of smallness, by pooling resources or combining markets. Advantages are global influences, a stategic alliance and regional growth opportunities. With so many retailers-Costco, Wal-Mart, Target, Rite Aid, Walgreen and the national grocery chains-carrying so much of the same merchandise, Bartell tries to differentiate itself with its photo service, and by featuring products from Northwest companies like Liberty Orchards, Uncle Woody's popcorn and Theo Chocolate. "Wilbur Ross Says He’s ‘Open to Resuming’ Talks on Mega-trade Deal with Europe," Accessed Jan. 8, 2020.CNN Business. The South Asian Association for Regional Cooperation (SAARC) is an economic and geopolitical organisation of eight countries that are primarily located in South Asia Even after the formation of SAARC trading bloc, regional integration among the South Asian countries remains minimal. Advantages And Disadvantages Of Apec And Regional Integration. The protection of the local industry helps in the reduction of unemployment as well. I will also describe the advantages and disadvantages of regional integration within both articles and relate the stage of economic development of the economically integrated region to potential business opportunities. John O’Brien, MBA So how is it that three family-owned, locally-based chains-Seattle-based Bartell Drugs, Bellingham's Haggen Inc. (which owns the Haggen and Top Food grocery-store brands) and Renton's McLendon Hardware-operating in the toughest economy in decades and in two retailing sectors dominated by huge national companies, are not just surviving but looking at growth opportunities? MGT/448 Regional Integration For and Against Articles Trade liberalization and export promotion 3. 3. "Family firms tend to be less willing to take on debt because it's not being leveraged through a corporation the same way," says Catherine Pratt, assistant professor and associate dean at Pacific Lutheran University's (PLU) School of Business. It's the people in the stores that are really our secret weapons, that are closest to our guests and what they're looking for.". Throughout this paper we will discuss the promoting of, cultures, and regionaleconomies integrate through a worldwide network of political ideas throughtransportation, communication, and trade. University of Phoenix Asked if Haggen is profitable, Henley says "we're doing fine." "We can't buy cable TV [ads] at the rate the other guys can, but we can advertise in the newspaper and on radio pretty effectively.". What are the Advantages of a Corporation? "We're more nimble," he states. So, transaction costs in form of transport, cost of negotiation, cost of control etc. One of the problems faced by many smaller economies is a lack of foreign investment. Discuss the advantages and disadvantages of regional integration (nafta, eu, APEC, asean, cafta, ECT) compare and contrast the economic development stages of countries within your chosen region and the ramification of your region's economic development for global business. Asked the same question, Bartell says, "We're profitable, not as profitable as we'd like to be. "It's easier to make decisions and to get them done. Advantages And Disadvantages Of Regional Integration 1296 Words 6 Pages Regional integration in Africa has been an aspiration that a majority of countries have been working towards for the last few years, most notably after their liberation from colonisation. Trade bloc, United States, Free trade 1223  Words | will be eliminated. Regionally-based, family-owned retailers also are free from the demands of Wall Street. Premium Free trade areas are the simplest form of regional economic integration. It will facilitate the trade which will boost Chinese manufacturing industry. ", Bartell concurs. Premium Cooperation in maintaining regional peace and stability has also saved lives in countries such as the Democratic Republic of Congo and Madagascar. The renewed academic interest in regionalism, the emergence of new regional formations and international trade agreements like the North American Free Trade Agreement (NAFTA), and the development of a European Single Market demonstrate the upgraded importance of a region-by-region basis political co-cooperation and economic competitiveness. The phenomenon of regional integration. 2.1.2 Disadvantages of Regional Economic Integration ... and economic cooperation and integration.” As a result, IGAD was born. A number of leaders called for the integration of Africa already soon after independence, but it was only Free trade, Free trade area, Trade bloc 861  Words | Bilateral agreements are not the same as trade deals. in favor of regional integration and another against it. Regional Integration For and Against Articles Lorayne Henriquez We're pretty happy with where we are.". 3  Pages, "Advantages And Disadvantages Of Apec And Regional Integration", Strategies On brand-name prescription drugs, the prices are set by the manufacturers; a good share is sold only through distributors, so it just depends on what kind of deal we can work out with the distributor." Premium The transaction costs can be controlled if a firm acquires the other firms in the vertical chain, then one division of the same company will transfer goods to other divisions. 4  Pages. It is a term that refersto the fast, Asean Economic Community (AEC) will create a common, StudyMode - Premium and Free Essays, Term Papers & Book Notes. We're probably a lot closer to our people in the stores. Loss by Trade Policies Free Trade benefits from trading among different blocs are lost. Throughout this paper we will discuss the promoting of regional integration into the Northern South America region. Free trade, Customs union, Economic integration 1181  Words | You're not aware of what their promotional plans are. "A certain amount of risk is required or else your firm's not going to grow. With consumers tapped out and finding even window shopping too spendy, these are definitely not the best of times. ", But Bartell also says "on some things I think the economies of scale are overdone. 4  Pages. ", Sally Bergesen built a business around running and athleisure wear, but there’s nothing casual about her activism, In the past seven years, Seattle-based TomboyX has become a gender-neutral brand that has something for everyone, Chown Hardware is the country’s oldest family-owned hardware retailer, The 130-year-old chain’s brand will remain. Yet, a quarter century since its inception the regional process in South Asia has produced limited results and encouraged Sri Lanka to look for bilateral rather than regional solutions. Advantages And Disadvantages Of SAARC 1388 Words | 6 Pages. Premium But he's also much more comfortable about growth over the long term. For Henley, it's a matter of staying close to customers. Bartell Drugs, for example, plans to open its 57th store by the end of 2009, having added or replaced several locations this year. ... Everybody has different comfort levels with risk. 5  Pages. "One of the problems we face is that some companies may have entire offices in Bentonville, Ark., for dealing with Wal-Mart, but they can't seem to afford to send someone to see us twice a year," Bartell notes. Regional Integration: Concepts, Advantages, Disadvantages and Lessons of Experience1 1. So, transaction costs in form of transport, cost of negotiation, cost of control etc. Southeast Asia, ASEAN Free Trade Area, International trade 629  Words | trade. Instead, the agreement usually targets individual policy areas, aiming to increase cooperation and facilit… The disadvantages of regional integration include limited fiscal capabilities, cultural centralization, creation of trading blocs, diversion of trade and surrendering some degree of sovereignty. It would have significant advantages for exports. 6  Pages. in favor of regional integration and another against it. These are so many attributes that can be considered clear advantages for Tanzania to play a critical role in the EAC and beyond, if a strategic roadmap was to be crafted in Tanzania. To analyse those advantages and disadvantages of organizing a RTA, an apprehension in regional trade understandings is of import. It is a term that refersto the fast integration and interdependence of various nations, which shapes the worldaffairs on a global level. Meet Fran Dunaway, Co-founder of Gender-Neutral Clothing Brand TomboyX, Portland’s Chown Hardware Makes Seattle Debut, Bartell Drugs Bought By Rite Aid for $95M, How Lawyers of Distinction is Disrupting the Legal Marketing Atmosphere, Work That has Meaning Reaps Benefits for Employees and Patients, To Improve a Bank’s Efficiency Ratio, Invest in Digital Technology – and Your Employees, Fueling Economic and Social Progress in Seattle, What to Look For in an Executive MBA Program, 4 Keys to Delivering a Personalized, Omnichannel Experience for Health Plan Members, Why Getting an MBA is the Right Choice To Move Your Career Forward, Health Is a Human Right: A Conversation with Mike Butler. Before stating my opinions of why I would be for regional integration and then, why I would be against it, I will define the term for clarification and understanding. Also, the rules governing trade deals are established by the World Trade Organization (WTO). Haggen, meanwhile, last added a new store when it took over the former Larry's Market in Redmond, although it has been remodeling existing stores (it currently has 33 stores in Washington and Oregon under the two brands). "We try to find niches our competitors are not looking to pursue," he says. While financial theory might suggest a higher rate of leverage for a higher potential rate of return, "We just don't go there. Growth does matter for the regionals; aside from providing a return to owners, expansion gives "our talented people a … Generally, globalization has affected manynations in various ways; economically, politically, and socially. On advertising, Bartell is "helped a little bit because we have a pretty good share of the market where we operate," he adds. 2. The overall average cost of the firm will decrease because if the divisions... means for economic growth for many countries. Regional Integration Growth does matter for the regionals; aside from providing a return to owners, expansion gives "our talented people a place to go and have a future," Henley says. Bartell says larger players do have advantages in technology investment and dealing with regulation, since they have a larger base over which to spread those costs. The countries may also, lose their resources while trading it to the more efficient members and may become a country will less resources for future and cause its downfall. Even in this economy, revenue will be up about 1 percent this year even if in the short run, the national competitors are posting much fancier numbers. Regional Integration This puts foreign producers at a competitive disadvantage because people often prefer to buy cheaper alternatives. I will also describe the advantages and disadvantages of regional integration within both articles and relate the stage of economic development of the economically integrated region to potential business opportunities. “ Describe the, reliance on others for products and services. Especially strong integration -- like the European Union -- can lead to the loss of unique minority cultures within a region. She also works with PLU's Family Enterprise Institute. The character of the region may also contribute to the success of regional chains too. George D. Bartell, the company's chief executive and grandson of the founder, says the firm is working on deals for next year as well, although he notes there's no specific number the company tries to add every year. 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Brazil 1157 Words | 5 Pages a corporation is a potential economic disadvantage of a regional economic has... As we 'd like to be the official languages of the current processes of integration... North American Free advantages and disadvantages of regional cooperation 1223 Words | 6 Pages costs as the common ownership results closer. A route to overcome the disadvantages of regional economic integration are: 1 of control etc official of... Times like we 're not as bureaucratic '' as the common ownership results in geographic. Each of these firms has done that costs in form of transport, cost negotiation... The Northern South America region Views Sri Lanka ’ s Views Sri Lanka ’ s Views Sri Lanka ’ Views... And Bartell say their companies are doing well financially Lanka is a term that the... What their promotional plans are. `` firms has done that this paper we discuss. 'Re more nimble, '' says Mike McLendon, vice president of the World trade Organization ( WTO.. 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