Regional Integration - Regional Integration 1 Regional...

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Regional Integration 1 Regional Integration Hector Sierra University of Phoenix Mgt/448
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Regional Integration 2 Changes in our world’s economy are in fact a result of dramatic international trade and cultural exchange. One of the major regional integrations that is involved with promoting global business is the CAFTA (Central American Free Trade Agreement). Surely there are advantages and disadvantages when it comes to the CAFTA. Commonly known as the Dominican Republic-Central American Free Trade Agreement (DR-CAFTA), is a free trade agreement. In international trade, free trade is an idealized market model, often stated as a political objective, in which trade of goods and services between countries are not hindered by government imposed tariffs (taxes on imports) or non-tariffs (Wikipedia, 2007). In 2004 after the Dominican Republic joined the association, CAFTA was re-defined as DR-CAFTA. Initially the agreement included the United States, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. To date, Costa Rica has not formally sanctioned the new agreement but in turn is stating that it is a priority which will be closely viewed within months. As of March 2006, DR- CAFTA entered into force for El Salvador. Honduras as well as Nicaragua followed one month after, and then Guatemala in July. The Dominican Republic Senate has already
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