What are the advantages and disadvantages of regional integration of the EU and what are the economic developments of the EU to potential business opportunities?© BrainMass Inc. brainmass.com September 24, 2018, 5:59 pm ad1c9bdddf - https://brainmass.com/business/asia-pacific-economic-cooperation/pros-and-cons-of-regional-intergration-of-the-eu-194438
Write a paper in which you analyze the role of regional integration in Europe in promoting global business. 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.
Establishment of trade zones like European Union and NAFTA have enabled countries to cooperate more with each other, take advantage of each other's strengths, and promote international trade volumes. Technology transfers between countries have enabled countries to enforce standards like ISO: 9000 etc. Policies like carbon credits, which are being used by countries worldwide to benefit by decreasing pollution, is being made possible by bilateral trade agreements between countries.
ROLE OF Euro (Regional integration) IN PROMOTING Trade in Europe
The European Union (EU) is a union of independent states based on the European Communities and founded to enhance political, economic and social co-operation. Formerly known as European Community (EC) or European Economic Community (EEC). The European Union has 25 member states, an area of 3,892,685 km and approximately 460 million EU citizens as of December 2004. If it were a country, it would be the seventh largest in the world by area and the third largest by population after China and India. The European Union has land borders with 20 nations and sea borders with 31.
This was founded on 1st November, 1993 and it has single currency known as Euro.
In 2004 the EU had the largest economy in the world with a GDP of US$ 12.48 trillion. The European Union continues to enjoy a significant trade surplus. However, as of 2004 the European Union has been suffering stagnant economic growth and high unemployment (averaged across the Union). (Wikipedia)
ACTIVITIES OF EUROPEAN UNION
The European Union's activities cover all areas of public policy, from health and economic policy to foreign affairs and defense. However, the extent of its powers differs greatly between areas. Depending on the area in question, the EU may therefore resemble:
* a federation (for example, on monetary affairs, agricultural, trade and environmental policy)
* a confederation (for example, on social and economic policy, consumer protection, home affairs)
* an international organization (for example, in foreign affairs)
A key activity of the EU is the establishment and administration of a common single market, consisting of a customs union, a single currency (adopted by 12 of the 25 member states), a Common Agricultural Policy and a Common Fisheries Policy.
Several institutions have been set up to ensure the effective functioning of the European Union. Of these the most important are the Council of the European Union, the European Commission, the European Parliament and the European Court of Justice.
Institutions and legal framework
Main policies of European Union
As the changing name of the European Union (from European Economic Community to European Community to European Union) suggests, it has evolved over time from a primarily economic union to ...
This explains the advantages and disadvantages of regional intergration of the EU