The purpose of regional integration is to achieve economic gains through free trade flow and investments between neighboring countries often by lowering or eliminating tariffs against imports from fellow member countries. Another purpose to the integration is to create institutions responsible for policy formulation concerning issues like education, health, labor matters and foreign policy within the member nations. These actions increase duty free trade, tourism, movement of labor, and the flow of capital across national borders, reducing the possibility of conflict.
Regional integration promotes global business in that it removes in stages or all together, previous barriers to foreign investments and other business ventures. As long as the policies set forth by the regional trade bloc are followed, businesses within each member country are encourages to participate in business activities such as forming strategic alliances, licensing, exporting, and relocating operations to other countries within the regional block to name a few. Businesses looking to expand globally have the opportunity to reduce productions costs through actions such as setting up manufacturing operations in another country where they would have access to...
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...tions to follow suit with reforms and bring the Caribbean to a standing as a major regional trading block.
Buddan R. The People's National Party's Manifesto: Vision and Planning. (August 19,2007) Retrieved March 8, 2008 from, http://jamaica-gleaner.com/gleaner/20070819/focus/focus3.html
Hill, C.W.L. (2004). International Business: Competing in the Global Marketplace (5th Ed.). New York: McGraw-Hill.
The Caribbean Community and Common Market. Retrieved March 7, 2008 from, http://www-old.itcilo.org/actrav/actrav-english/telearn/global/ilo/blokit/caricom.htm
The World Fact Book: Jamaica. Retrieved March 9, 2008 from, https://www.cia.gov/library/publications/the-world-factbook/geos/jm.html
Trinidad and Tobago: Economic Development. Retrieved March 9, 2008 from, http://www.nationsencyclopedia.com/Americas/Trinidad-and-Tobago-ECONOMIC-DEVELOPMENT.html
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