Consider passing it on: Creative Commons supports free culture from music to education. For example, American companies doing business in one of the ASEAN countries often choose to become members of the US–ASEAN Business Council, so that they can monitor and possibly influence new trade regulations as well as advance their business interests with government entities. As a political and economic organization, the group focuses on trade, economic, and social issues.Cooperation Council for the Arab States of the Gulf website, accessed April 30, 2011, http://www.gcc-sg.org/eng/index.html. Regional economic integration refers to efforts to promote free and fair trade on a regional basis. Regional Economic Integration International Business: Strategy, Management, and the New Realities 2 Learning Objectives 1.Regional integration and economic blocs 2.Types of regional integration 3.Leading economic blocs 4.Why countries pursue regional integration 5.Success factors for regional integration 6.Drawbacks and ethical dilemmas of Over the past decade, Bolivia, Chile, Colombia, Ecuador, and Peru have become associate members, and Venezuela is in the process for full membership. Source: “The Member Countries of the European Union,” Europa, accessed May 1, 2011, http://europa.eu/about-eu/member-countries/index_en.htm. Wages and benefits are generally poor but much better than in the rest of Mexico. Croatia, Iceland, Macedonia, and Turkey are the next set of candidates for future membership. Given the 2008 global economic recession and challenging impact on the EU, it isn’t likely that NAFTA will move beyond the free-trade zone status to anything more comprehensive (e.g., the EU’s economic union). Countries have wanted to engage in economic cooperation to use their respective resources more effectively and to provide large markets for member-countries of the resulting integrated areas. This assortment of economies and cultures has, at times, made for interesting and heated discussions. More than this, the integration is helping transform national relations among South American nations and with the world as a whole, forging a new sense of shared leadership and shared purpose, which is sending ripples of hope across the continent and beyond. That is positive sum game, as all countries can benefit. “Trade between the EU and the GCC countries totalled €79 billion in 2009 and should increase under the FTA. Free trade and movement of goods, services, capital, and factors of production allow for the most efficient use of resources. Figure 5.3 Countries in the EU (as of May 1, 2011). Additionally, the expansion of the World Trade Organization (WTO) has caused smaller regional agreements to become obsolete. Q: What is the rationale behind regional economic and financial integration? Regional integration refers to various types of political and economic agreements that form closer ties between sovereign countries. Long-term relationships are still the foundation on which trust is established and business is built. Enterprise Florida, “Your Business: International,” The CAFTA Intelligence Center, accessed December 30, 2010. Some scholars see regional integration simply as the process by which states within a particular region increase their level interaction with regard to economic, security, political, or social and cultural issues. This is one reason why global businesses have teams of in-house professionals monitoring the WTO as well as the regional trade alliances. Overall, global businesses have benefited from the regional trade agreements by having more consistent criteria for investment and trade as well as reduced barriers to entry. A rural region in southern Mexico, Chiapas is home to extremely poor Mayan, Ch’ol, Zoque, and Lacandón Indians. For example, Canada has always been concerned about being dominated by its southern neighbor, and Britain is very hesitant to give much control to European bureaucrats. The policy of economic integration is purely commercial, and it takes place in order to make sure that certain trade barriers are reduced in the best way so that some nations can be unified together. (San Francisco: Jossey-Bass, 1998). At the same time, the army continues to exert tight control over the state, particularly in and around towns where residents are known to support the rebels. Required fields are marked *. Beijing is hoping closer economic ties will draw Taiwan further into its orbit.”Isaac Stone Fish, “Taiwan Inks Risky Deal with China,” Newsweek, July 2, 2010, accessed December 31, 2010, http://www.newsweek.com/2010/07/02/taiwan-inks-a-risky-deal-with-china.html. Also, integration is a process — it does not happen all at once. Understand regional economic integration. Euro markets, or euro countries, are the countries using the euro. This is the most basic form of economic cooperation. The workshop provided a review of recent developments in regional integration as part of the ongoing process of globalisation and confirmed the policy relevance of this topic for the G-20. Community of Sahel-Saharan States (CEN-SAD), Common Market for Eastern and Southern Africa (COMESA), Economic Community of Central African States (ECCAS/CEEAC), Economic Community of West African States (ECOWAS), Intergovernmental Authority on Development (IGAD), Southern African Development Community (SADC). Regional economic integration is an attempt to go beyond the limitations of WTO. In the long run, NAFTA hasn’t been as impactful as its supporters had hoped nor as detrimental to workers and companies as its critics had feared. It includes economic integration of various trading areas of different countries. For a list of ongoing ASEAN relationships with key trading partners, visit http://www.aseansec.org/9731.htm. GATT and WTO are the biggest association of more than 140 member countries, which strive to reduce the barriers. Economic … Andzej Arendarski, Ludovit Cernak, Vladimir Dlouhy, and Bela Kadar, “Central European Free Trade Agreement,” December 21, 1992, accessed April 30, 2011. “About the Visegrad Group,” International Visegrad Fund, accessed December 30, 2010. “About CEFTA,” Central European Free Trade Agreement, accessed April 30, 2011. “Institutions and Bodies of the European Union,” Europa, accessed April 30, 2011. “Four Market Freedom Which Benefit Us All,” Europa, accessed December 30, 2010. “Basic Information on the European Union,” Europa, accessed April 30, 2011, Liz Alderman, “Contemplating the Future of the European Union,”. This is the most basic form of economic cooperation. Regional integration refers to various types of political and economic agreements that form closer ties between sovereign countries. Over the next fifty years, the EEC added nine more members and changed its name twice—to European Community (EC) in the 1970s and the European Union (EU) in 1993.“History of the European Union,” Europa, accessed April 30, 2011, http://europa.eu/abc/history/index_en.htm. Despite the challenges, the EU is likely to endure given its historic legacy. [In October 2008,] plans were agreed to create a “super” free trade zone encompassing 26 African countries, stretching from Libya in the north to South Africa. It’s often called a “spaghetti bowl” of global bilateral and multilateral trade agreements, because the agreements are not linear strands lining up neatly; instead they are a messy mix of crisscrossing strands, like a bowl of spaghetti, that link countries and trading blocs in self-benefiting trading alliances. This is “Regional Economic Integration”, section 5.2 from the book Challenges and Opportunities in International Business (v. 1.0). With the Doha Round of the WTO dragging, APEC members have been discussing establishing a free-trade zone. The Cooperation Council for the Arab States of the Gulf, also known as the Gulf Cooperation Council (GCC), was created in 1981. challenges of African regional integration. As a result of CAFTA-DR, more than 80 percent of goods exported from the United States into the region are no longer subject to tariffs.“Dominican Republic–Central America–United States Free Trade Agreement (CAFTA-DR),” Export.gov, accessed April 30, 2011, http://www.export.gov/FTA/cafta-dr/index.asp. The Common Market of the South, Mercado Común del Sur or MERCOSUR, was originally established in 1988 as a regional trade agreement between Brazil and Argentina and then was expanded in 1991 to include Uruguay and Paraguay. Ambitiously, in 2017 and after, the AEC intends to foster the creation of a free-trade zone and customs union in its regional blocs. According to Europa, which is the official website of the EU (http://europa.eu), the EU member states have formed a single market with more than five hundred million people, representing 7 percent of the world’s population. Perhaps the best example of the benefits of economic integration and political union is the USA. Trade barriers can be tariffs (taxes imposed on imports to a country), quotas (a limit to the amount of a product that can be imported) and border restrictions. Focused primarily on economic growth and cooperation, the regional group has met with success in liberalizing and promoting free trade as well as facilitating business, economic, and technical cooperation between member economies. Companies that choose to manufacture in one country find it easier and cheaper to move goods between member countries in that trading bloc without incurring tariffs or additional regulations. While it is hard for 100 countries to agree on something, (e.g. “Future for Europe,” Europa, accessed April 30, 2011. “ASEAN Countries to Integrate Regional Capital Markets by 2015,” Asia Economic Institute, accessed April 30, 2011. “About ASEAN,” Association of Southeast Asian Nations, accessed April 30, 2011. “About APEC: History,” Asia–Pacific Economic Cooperation, accessed April 30, 2011, Keith B. Richburg, “China, Taiwan Sign Trade Pact,”, Lucy Hornby, “Taiwan and China Sign Trade Pact,”, Isaac Stone Fish, “Taiwan Inks Risky Deal with China,”, “Stop Meddling in Our Affairs: GCC Countries Tell Iran,”, Gonzalo de Benito, Luigi Narbone, and Christian Koch, “The Bonds between the GCC and EU Grow Deeper,”, P. K. Abdul Ghafour, “GCC Common Market Becomes a Reality,”. However, more than regional, WTO has a global perspective. Economic integration is heavily influenced by the political climate. The healthy effects of such a regional economic integration are presumed to be as follows: 1. It’s likely that any resulting agreements will have to reconcile differences in rules and regulations with NAFTA as well as any other existing agreements.“What Is CAFTA?,” CAFTA Intelligence Center, accessed April 30, 2011, http://www.caftaintelligencecenter.com/subpages/What_is_CAFTA.asp. As a result of the Pacific Ocean connection, this geographic grouping includes the United States, Canada, Mexico, Chile, Peru, Russia, Papua New Guinea, New Zealand, and Australia with their Asia Pacific Rim counterparts.“About APEC: History,” Asia–Pacific Economic Cooperation, accessed April 30, 2011, http://www.apec.org/About-Us/About-APEC/History.aspx. Although less emphasized today, one of the primary early missions of ASEAN was to prevent the domination of Southeast Asia by external powers—specifically China, Japan, India, and the United States. This is the most basic form of economic cooperation. The GCC has become as much a political organization as an economic one. Cooperation Council for the Arab States of the Gulf website, accessed April 30, 2011. Learn how your comment data is processed. 1. Caribbean Community (CARICOM) Secretariat website, accessed April 30, 2011. That is positive sum game, as all countries can benefit. You can browse or download additional books there. G-20 Workshop on regional economic integration in a global framework that took place in Beijing on 22-23 September 2004. Regional economic integration is when exists a trade agreement between countries within a region that agree to lower tariffs and regulations with each other; in some cases they may agree to trade some items exclusively. The EPA negotiations revealed important gaps between political ambitions and economic reality in African regional integration. Since a regional common market obviously provides a much larger market than that offered by the domestic market of a single country, economies of scale, both internal and external, become possible with the widened size of the market. Nevertheless, major gains have already been made. The European Economic Area (EEA) was established on January 1, 1994, following an agreement between the member states of the European Free Trade Association (EFTA) and the EC (later the EU). This is slowly changing, spurred in part by an aggressive cadre of young professionals who pursued graduate education in the United States. Despite the perceived benefits, economic policymakers in the EU admit that the Union’s labor markets are suffering from rigidity, regulation, and tax structures that have contributed to high unemployment and low employment responsiveness to economic growth. There are four main types of regional economic integration. The European Union (EU) is considered in many parts of the world a role model and inspiration for regional economic integration processes. Originally, the agreement (then called the Central America Free Trade Agreement, or CAFTA) encompassed discussions between the US and the Central American countries of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. Plus, post-independence conflict in Africa has left much of the continent with a legacy of poor governance and a lack of political integration which free trade zones aim to address…. It’s important to remember several distinctions. Whether regional integration is in the economic interests of the participants depends upon the extent of trade creation as opposed to trade diversion. It is designed to make the EU more democratic, efficient, and transparent and to tackle global challenges, such as climate change, security, and sustainable development. “About the US–ASEAN Business Council,” US–ASEAN Business Council, accessed December 31, 2010, Challenges and Opportunities in International Business, http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/nafta-alena/fast_facts-faits_saillants.aspx?lang=eng, http://books.google.com/books?id=z2tEhXnm1rAC&pg=PA88&lpg=PA88&dq=will+chile+join+nafta+2009 &source=bl&ots=iohSe7YV0E&sig=BjQr2KOx0lsrAGhv5vMqeb9LhFU&hl=en&ei=hLu8 TZ3LPNDAgQeZusjqBQ&sa=X&oi=book_result&ct=result&resnum=6&ved=0CDoQ6A EwBQ#v=onepage&q=will%20chile%20join%20nafta%202009&f=false, http://www.nytimes.com/1994/12/12/world/chile-is-admitted-as-north-american-free-trade-partner.html, http://www.nytimes.com/2001/01/07/business/economic-view-passing-the-torch-on-a-chile-trade-deal.html, http://www.cfr.org/trade/mercosur-south-americas-fractious-trade-bloc/p12762, http://www.grouplamerica.com/andean_pact.htm, http://www.eeas.europa.eu/andean/rsp/07_13_en.pdf, http://www.export.gov/FTA/cafta-dr/index.asp, http://www.caftaintelligencecenter.com/subpages/What_is_CAFTA.asp, http://www.caftaintelligencecenter.com/subpages/location-International.asp, http://europa.eu/abc/history/index_en.htm, http://europa.eu/about-eu/member-countries/index_en.htm, http://www.worldtradelaw.net/fta/agreements/cefta.pdf, http://visegradgroup.eu/main.php?folderID=858, http://en.wikipedia.org/wiki/Central_European_Free_Trade_Agreement, http://europa.eu/about-eu/institutions-bodies/index_en.htm, http://europa.eu/about-eu/basic-information/index_en.htm, http://www.nytimes.com/2010/02/14/weekinreview/14alderman.html, http://europa.eu/abc/12lessons/lesson_12/index_en.htm, http://www.asiaecon.org/special_articles/read_sp/12174, http://www.apec.org/About-Us/About-APEC/History.aspx, http://www.washingtonpost.com/wp-dyn/content/article/2010/06/29/AR2010062900163.html, http://www.reuters.com/article/2010/06/29/us-china-taiwan-signing-idUSTRE65S17Z20100629, http://www.newsweek.com/2010/07/02/taiwan-inks-a-risky-deal-with-china.html, http://www.mideast-times.com/left_news.php?newsid=1628, http://www.grc.ae/index.php?frm_module=contents&frm_action=detail_book&frm_type_id=&op_lang =en&override=Articles+%3E+The+Bonds+between+the+GCC+and+EU+Grow+ Deeper&sec=Contents&frm_title=&book_id=69542, http://archive.arabnews.com/?page=1§ion=0&article=105173&d=1&m=1&y=2008, http://www.iie.com/publications/wp/wp09-1.pdf, http://www.emirates247.com/2.266/finance/unrest-will-not-affect-gcc-monetary-union-2011-03-12-1.366972, http://en.wikipedia.org/wiki/African_Economic_Community, http://news.bbc.co.uk/2/hi/business/8208254.stm. Since inception, Myanmar (Burma), Vietnam, Cambodia, Laos, and Brunei have joined the association.Sanjyot P. Dunung, Doing Business in Asia: The Complete Guide, 2nd ed. A trade bloc is basically a free-trade zone, or near-free-trade zone, formed by one or more tax, tariff, and trade agreements between two or more countries. Regional economic integration is an agreement among countries in a geographic region to reduce and ultimately remove, tariff and non tariff barriers to the free flow of goods or services and factors of production among each others. Different Challenges Faced by the Multinational Companies (MNC's), Trading Blocks Concept in International Economics, Global Geographic Division Structure of MNE's. Economic integration is the process where the economic barriers between two or more countries are eliminated. This encourages investment within the trade zone and … GATT and WTO are the biggest association of more than 140 member countries, which strive to reduce the barriers. Louise Greenwood, “Q&A: Free Trade Zones in Africa,” BBC Africa Business Report. Successive governments have instituted far-reaching economic reforms, which have had a major impact on the way business is conducted. The United States, as the largest country member in NAFTA, won’t give up its rights to independently determine its economic and trade policies. The goal of NAFTA has been to encourage trade between Canada, the United States, and Mexico. Specifically, it has allowed Iceland (now an EU candidate), Liechtenstein, and Norway to participate in the EU’s single market without a conventional EU membership. the United Nations) it is much more likely that only a few countries with close proximity and comm… The second was to set up monetary and fiscal targets for member countries. Regional integration helps countries overcome divisions that impede the flow of goods, services, capital, people and ideas. Maquiladoras employ more than a million Mexicans, mostly unskilled women in their twenties and early thirties who work long hours. Second, there are more EU member countries than there are countries using the euro. US companies, for example, sell more than $25 billion in products to the Latin American and Caribbean regions annually, ranking it among the top US export markets. “African Economic Community,” accessed April 30, 2011, http://en.wikipedia.org/wiki/African_Economic_Community. What Should You Include in a Companies Operating Agreement? Regional integration is a process in which neighboring countries enter into agreements to enhance economic cooperation. Those who voted for "Brexit," short for "British Exit," feel having a separate economy will strengthen the U.K. and allow for stronger immigration laws. Shortly after it was approved and implemented, the United States started to negotiate a similar agreement with Mexico. And while strong economic relations remain the basis for mutual ties, the EU and the GCC also share common interests in areas such as the promotion of alternative energy, thus contributing to the resolution of climate change and other pressing environmental concerns; the promotion of proper reform for the global economic and financial policies; and the enhancement of a comprehensive rules-based international system.”Gonzalo de Benito, Luigi Narbone, and Christian Koch, “The Bonds between the GCC and EU Grow Deeper,” The National, June 12, 2010, accessed May 23, 2011, http://www.grc.ae/index.php?frm_module=contents&frm_action=detail_book&frm_type_id=&op_lang =en&override=Articles+%3E+The+Bonds+between+the+GCC+and+EU+Grow+ Deeper&sec=Contents&frm_title=&book_id=69542. In 2007, MERCOSUR members became associate members of the Andean Community, and more cooperative interaction between the trading groups is expected.European Commission, “Andean Community Regional Strategy Paper 2007–2013,” December 4, 2007, accessed April 30, 2011, http://www.eeas.europa.eu/andean/rsp/07_13_en.pdf. The World Bank Group helps its client countries to promote regional integration through common physical and institutional infrastructure. It topped $1 trillion in 2008.”Foreign Affairs and International Trade Canada, “Fast Facts: North American Free Trade Agreement,” December 15, 2009, accessed December 30, 2010, http://www.international.gc.ca/trade-agreements-accords-commerciaux/agr-acc/nafta-alena/fast_facts-faits_saillants.aspx?lang=eng. The process of regional integration has led to the creation of the European Union. Levels of Economic Integration. 1. Signed in 1991 and implemented in 1994, it provides for a staged integration of the regional economic agreements. However, only partial accords have been reached between the government and the peasants. By and large, Canadians have been supportive of NAFTA and exports to the region have increased in the period since implementation. This was shocking not only to Mexico’s leadership but to the international community. The reason: clothing prices have fallen, exports have increased, and sales to apparel factories have surged. In 2002, ASEAN and China signed a free trade agreement that went into effect in 2010 as the ASEAN–China Free Trade Area (ACFTA). Some of the regional blocs also created side agreements with other regional groups leading to a web of trade agreements and understandings. Regional economic integration is an attempt to go beyond the limitations of WTO. Normally, the author and publisher would be credited here. Maquiladoras are production facilities located in border towns in Mexico that take imported materials and produce the finished good for export, primarily to Canada or the United States. Free trade area.This is the most basic form of economic cooperation. When Canada asked to be party to any negotiations to preserve its rights under the most-favored-nation clause (MFN), the negotiations began for NAFTA, which was finally signed in 1992 and implemented in 1994. For free trade advocates, the CAFTA-DR is also seen as a stepping stone toward the eventual establishment of the Free Trade Area of the Americas (FTAA)—the more ambitious grouping for a free trade agreement that would encompass all the South American and Caribbean nations as well as those of North and Central America (except Cuba). The Council’s members include the largest U.S. companies working in ASEAN, and range from newcomers to the region to companies that have been working in Southeast Asia for over 100 years…. Canadian and US consumers have benefited from the lower-cost Mexican agricultural products. To download a .zip file containing this book to use offline, simply click here. On the integration scale, the EU would today be anywhere from 6 to 8; economic integration is much more complete than political integration. Mexican maquiladoras have fared well in this arrangement by being the final production stop before entering the United States or Canada. Furthermore, a primary goal for the development of the EU was that Europeans realized that they needed a larger trading platform to compete against the US and the emerging markets of China and India. For details on it (including licensing), click here. is a free trade agreement signed in 1969 between Bolivia, Chile, Colombia, Ecuador, and Peru. Originally signed in 1992, CEFTA’s founding members were the Visegrad Group, also called the Visegrad Four or V4, which is an alliance of four Central European states—the Czech Republic, Hungary, Poland, and Slovakia. China is eager for Hong Kong and Taiwan to serve as gateways to its massive market. Mexico has always had a strong entrepreneurial business culture, but until NAFTA, it was protected from the pressures of international finance and the global marketplace. Among its various initiatives, the GCC calls for the coordination of a unified military presence in the form of a Peninsula Shield Force.“Stop Meddling in Our Affairs: GCC Countries Tell Iran,” The Middle East Times, April 4, 2011, accessed April 30, 2011, http://www.mideast-times.com/left_news.php?newsid=1628. [Charles Wyplosz] The general rationale is that when countries integrate themselves, they provide “favours” resulting in wider and better opportunities for all and similarly, borrowers can tap the world pool of savings and they are supposed to benefit from that. It will boost the current $110 billion bilateral trade between both sides. The notion of regional economic integration is becoming increasingly important as countries strive to work together better and become more productive. If you are curious about a business career in trade, then you may want to consider combining a business degree with a legal degree for the most impact. The case on NAFTA and the US Textile Industry shows that although the effects of NAFTA have hurt employment in the US textile industry, the overall effect has actually been positive. [Charles Wyplosz] The general rationale is that when countries integrate themselves, they provide “favours” resulting in wider and better opportunities for all and similarly, borrowers can tap the world pool of savings and they are supposed to benefit from that. Over the first decade of the agreement, almost all tariffs between Mexico, Canada, and the United States were phased out. In 1989, the GCC and the EU signed a cooperation agreement. Since the mid-1960s, production facilities known as maquiladoras have been a regular feature of Mexican border towns, especially along the Texas and New Mexico borders. And within the United States, no location is as well positioned as Florida to act as the gateway to the CAFTA-DR markets. Additionally, per the publisher's request, their name has been removed in some passages. There’s no longer a currency–exchange rate risk, and the elimination of the need to convert currencies within euro markets reduces transaction costs. While the focus and function remains in discussion, the intent is to forge even closer ties among the ten member nations, enabling them to negotiate more effectively with global powers like the EU and the United States.“About ASEAN,” Association of Southeast Asian Nations, accessed April 30, 2011, http://www.aseansec.org/about_ASEAN.html. MERCOSUR is committed to the consolidation of democracy and the maintenance of peace throughout the southern cone. Fixing the EU’s banking system is particularly tricky, because sixteen of the twenty-seven countries share the euro currency and a central bank, but banking regulation mostly remains under the control of the national governments.Liz Alderman, “Contemplating the Future of the European Union,” New York Times, February 13, 2010, accessed April 30, 2011, http://www.nytimes.com/2010/02/14/weekinreview/14alderman.html. Your email address will not be published. There are many examples in the current popular push on the European Union (EU) and the effects the EU have on a particular business or industry that illustrates this point. There are four main types of economic integration: (AACSB: Reflective Thinking, Analytical Skills). Regional economic integration is an agreement among countries in a geographic region to reduce and ultimately remove, tariff and non tariff barriers to the free flow of goods or services and factors of production among each others. Croatia and Macedonia are in the process of becoming EU members.“About CEFTA,” Central European Free Trade Agreement, accessed April 30, 2011, http://cefta.net; Andzej Arendarski, Ludovit Cernak, Vladimir Dlouhy, and Bela Kadar, “Central European Free Trade Agreement,” December 21, 1992, accessed April 30, 2011, http://www.worldtradelaw.net/fta/agreements/cefta.pdf; Wikipedia, s.v. It includes economic integration of various trading areas of different countries. By entering into regional agreements, groups of countries aim to reduce trade barriers more rapidly than can be achieved under WTO. Given its broader membership than ASEAN, APEC has found good success—once its member countries agree. The European Union (EU) is the most integrated form of economic cooperation. The Dominican Republic–Central America–United States Free Trade Agreement (CAFTA-DR) is a free trade agreement signed into existence in 2005. In 2009, ASEAN signed a free trade agreement with New Zealand and Australia. Economists argue that free trade zones are particularly suited to African countries which were created under colonial occupation when land was divided up, often with little regard for the economic sustainability of the newly created plot. The rules governing origin of content are key to NAFTA. US multinational companies, such as John Deere, Zenith, Mattel, and Xerox, run the majority of the more than 3,600 maquiladoras in northern Mexico. Given its physical proximity, Florida is the main investment gateway to the CAFTA-DR countries: about three hundred multinational firms have their Latin American and Caribbean regional headquarters in Florida. It also hopes to create an ASEAN Economic Community by 2015.“ASEAN Countries to Integrate Regional Capital Markets by 2015,” Asia Economic Institute, accessed April 30, 2011, http://www.asiaecon.org/special_articles/read_sp/12174. Since then, Canada, Mexico, and the United States have each negotiated bilateral trade agreements with Chile, but there is still occasional mention that Chile may one day join NAFTA.Anthony DePalma, “Passing the Torch on a Chile Trade Deal,” New York Times, January 7, 2001, accessed April 30, 2011, http://www.nytimes.com/2001/01/07/business/economic-view-passing-the-torch-on-a-chile-trade-deal.html. 2011, http: //en.wikipedia.org/wiki/Central_European_Free_Trade_Agreement twelve countries as the continent of Europe has become much! 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