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Regional Integration: Canada, North-American Free Trade Agreement - Essay Example

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Regional Integration Canada, North-american-free-trade-agreement-nafta A trade bloc is a regional intergovernmental agreement. Trade barriers are reduced or eliminated amoung the participating states. The process in which states or countries join a regional agreement to increase cooperation and security between regions including trade agreements, policies, and procedures, is refered to as regional integration, according to Hans van Ginkle…
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Regional Integration: Canada, North-American Free Trade Agreement
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"Regional Integration: Canada, North-American Free Trade Agreement"

Download file to see previous pages One organization, NAFTA(North American Free Trade Agreement), has resulted in some substantial advantages for a majority of its members. Nafta includes America, Mexico, and Canada. According to the USDA, trade between the U.S. And the NAFTA partners rose substantially since the agreement was set in place. Canada specifically, has benefited from the agreement. The foreign affairs and international trade Canada's website states that Canada's exports have grown, and such industries as automotive equipement, and machinery have become more successful. Another benefit for Canada has been improved access to the Mexican market. According to the international.gc.ca, continuing efforts in Mexico for market liberalization in the energy, banking, transportation and telecommunications areas, are creating more opportunities for Canadian exporters, which would possibly be less successful if not for NAFTA. Countries other than Canada are also benefiting from regional integration. Such advantages include trade gains; such as decreased demand which results in a drop in prices, increased returns and competition, expansion of sales, and reduction in internal inefficiences. Investment also gives incentive for foreign investors. This may enable government to improve policies of welfare to attract investment, which can be good for areas with a credibility or consistency problem. Members also have more access to different and new goods and services. This can help some less stable regions, to become more developed. Regional Integration even enables environmental programs. Another advantage can be protecting members from hazards such as, macroeconmic instability, terms of trade, trade war”, according to Chapter 15: Regional Integration, Ministry of Economy, Trade and Industry. The interaction between regions are strengthened thanks to integration. Many more countries can benefit from entering into regional integration agreements, and trade blocs; as did Canada, and the other members of NAFTA. Although Trade blocs, and regional integration can have some advantages, it can be more hurtful than beneficial. Disadvantages of regional integration can be devestating to developing and developed countries. According the basiccollegeaccounting.com, such disadvantages include creation of trading blocs, trade diversion, and national soverigty. Trade blocs can result in increased barriers against non-member countries. Trade can be diverted from non-member countries to member countries, despite inefficiency costs. Some member countries are required to give up some degree of power, or control over key policies of trade, and monetary and fiscal policies. The greater or deeper the integration, the more control that needs to be placed where some think it should not. Although countries may be entering into these agreements to improve relations, sometimes there is just too many political difference that keep certain policies from forming. Different levels of economic development can also stand in the way. According to the article, The Pros and Cons of Regional Integration; by Heleen Schrooyen, the media focuses mostly on the conflicts accompanying development, instead of initiating debate. There is a strong need for the media to facilitate integrations as a common identity. Officials predict ...Download file to see next pagesRead More
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