Regional Paper
This paper will analyze the role of regional integration in promoting global business in Africa. Additionally this paper will discuss the advantages and disadvantages of regional integration (NAFTA, EU, APEC, ASEAN, CAFTA, etc.). This paper will also compare and contrast the economic development stages of countries within Africa and the ramifications of Africa's economic development for global business. The business world's most significant trend in the new millennium is global competitiveness. Facing opportunities and challenges posed by the paradigm of the global economy, nations are moving to integrate economies with neighbors in order to create a larger of intense competitive regional economic blocs; and engaging in international trading as a regional power.
Advantages and Disadvantages
Regional integration is probably more important in economically distressed countries, such as Africa, than economically sound regions. The combine impact of less developed economies can take advantage of international terms of trade, and the legacy of colonialism, mis-rule, and conflict has meant that Africa has not yet assumed a global market share - despite the significant market size. Africa has seven integrations of regional economic communities which are considers the building blocks for the African Economic Community:
? The Arab Maghreb Union (UMA)
o Algeria, Libya, Mauritania, Morocco, and Tunisia
? The Common Market for Eastern and South Africa (COMSEA)
o Angola, Burundi, Comoros, Democratic Republic of Congo, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Namibia, Rwanda, Seychelles, Sudan, Sw ...