Global Business Strategies

Paper Summary:

This paper examines the evolution of economic regionalism as a means for fostering foreign trade and, thereby, ensuring economic growth of participating countries. The paper presents various relevant factors of economic integration over the past few decades, focusing on economic regionalism in Latin America.

From the Paper:

"The Latin American republics encouraged by the success of economic integration in Europe established several organizations like Central American Common Market, Latin American Free Trade Association, Andean Group, Caribbean Community and Common Market. The Central American Common Market established by a treaty in 1958 aimed at establishment of free trade area with agreements for industrial integration, reduction of barriers on the regional internal trade and introduction of single custom tariff. The Latin American Free Trade Association (LAFTA) was formed in 1970's on the principles of reciprocity and most favored nation's treatment. The geographical diversity and varying level of economic development of the member nations find the free trade concept as more advantageous."

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