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Advantages And Disadvantages Of Regional Integration

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Register to read the introduction… Achieving that goal is not an easy feat and may prove more difficult for some members of CARICOM than others. So, like all regional integrations the formation of CARICOM comes with its advantages and disadvantages. Some of the advantages are,
* Foreign Direct Investments (FDI) stimulates economic growth through the sharing of technology, marketing channels, managerial know-how and to the member nations
* Opening up and allowing duty free trade also stimulates the economy and creates dynamic gains from …show more content…
“The result is greater world production than would be possible with trade restrictions” (Hill, 2004)
* Encourages political cooperation through meshing economies and creating interdependence Particular to CARICOM nations, foreign policies agrees upon through regional integration has enhanced the economic profile of the Caribbean countries and forced the international community to take their interest and concerns more seriously. Some of the disadvantages to regional integration include,
* Difficulty reaching a consensus on how to address policies which increase as more members join the trade block
* “Can be seen as an attempt to achieve additional gains from the free flow of trade and investment between countries beyond those attainable under international agreements such as he WTO” (Hill, 2004)
* Threat to the sovereignty of developing countries, in particular small countries like those in the …show more content…
CARICOM so far has helped some countries reach that goal with the policies set. It is up to the other nations to follow suit with reforms and bring the Caribbean to a standing as a major regional trading block.

References
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,

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