*
Regional Integration
Regional trade agreements (RTAs)
ReferencesHill, C W “International Business” (6th edit., 2007), Chapter 9
Ball, D et al. “International Business” (11th edit.), Chapter 4
Sloman, John, “Economics” (8th edit) – chapter 24.3
www.europa.eu.int
*
THEORY OF REGIONAL INTEGRATIONAgreements between countries in a region to reduce tariff and non-tariff barriers to trade and allow the free flow of factors of production
There has been a large increase in the number of regional trade agreements in the last 10 years
75% of operational agreements were signed between 1992 - 1999
*Driven by the potential gains to be made from the free flow of trade and investment
The population of the EU is now 457 million and the total GDP is around $11 trillion
With 149 (2006) members the WTO (World Trade Organisation) has been criticised for being too slow in reducing barriers to trade
It is easier to establish free trade and investment in countries which are geographically close to one another than on a global scale
*Regional trade agreements can help speed up the process
The EU is the most prominent regional trade bloc having 27 members already with Turkey waiting to join
Other trade blocs include : -
NAFTA (1994) – USA, Canada and Mexico
MERCOSUR (1990) – Paraguay, Argentina, Brazil, Uruguay and Venezuela
*APEC (1989) – may create Asia-Pacific rim 21 nation free trade area, including NAFTA, Japan and possibly China
ASEAN (1967) – covers around 500 million people
Initially to promote peace and industrial co-operation between member states has had some successes Members include Singapore, Myanmar, Thailand, the Philippines and Vietnam
Andean Community (1969) - Colombia, Peru, Ecuador, Bolivia and until recently Venezuela
*
Advantages of Regional Integration
(a) Economic
Advantages based on competition and scale
Small countries often cannot achieve economies of scale fully until they open up to free trade
More competition makes firms more efficient
e.g. by opening up domestic monopolies to competition or via internal inefficiencies
Open access to larger markets
Lower prices for consumers
Consumers have access to more goods
Free trade increases economic growth
Inflows of investment (FDI) from rest of world enabling transfers of technology and skills
Factor mobility (i.e. labour and capital)
Trade creation inside the bloc
Can gain new skills, technology and experience
*
(b) Political
Increasing dependency on regional trading partners tends to promote cooperation
Less risk of war
Greater influence in world
This was instrumental in the formation of the EU after WWII
On the one hand global domination by the USA and on the other the potential threat from the USSR
*
*
Disadvantages of Regional Integration
Economic
TRADE DIVERSION instead of TRADE CREATION
- i.e. there may be a cheaper source outside of the trade bloc but now common external trade barriers increase the price of such goods for domes ...
*
Regional Integration
Regional trade agreements (RTAs)
ReferencesHill, C W “International Business” (6th edit., 2007), Chapter 9
Ball, D et al. “International Business” (11th edit.), Chapter 4
Sloman, John, “Economics” (8th edit) – chapter 24.3
www.europa.eu.int
*
THEORY OF REGIONAL INTEGRATIONAgreements between countries in a region to reduce tariff and non-tariff barriers to trade and allow the free flow of factors of production
There has been a large increase in the number of regional trade agreements in the last 10 years
75% of operational agreements were signed between 1992 - 1999
*Driven by the potential gains to be made from the free flow of trade and investment
The population of the EU is now 457 million and the total GDP is around $11 trillion
With 149 (2006) members the WTO (World Trade Organisation) has been criticised for being too slow in reducing barriers to trade
It is easier to establish free trade and investment in countries which are geographically close to one another than on a global scale
*Regional trade agreements can help speed up the process
The EU is the most prominent regional trade bloc having 27 members already with Turkey waiting to join
Other trade blocs include : -
NAFTA (1994) – USA, Canada and Mexico
MERCOSUR (1990) – Paraguay, Argentina, Brazil, Uruguay and Venezuela
*APEC (1989) – may create Asia-Pacific rim 21 nation free trade area, including NAFTA, Japan and possibly China
ASEAN (1967) – covers around 500 million people
Initially to promote peace and industrial co-operation between member states has had some successes Members include Singapore, Myanmar, Thailand, the Philippines and Vietnam
Andean Community (1969) - Colombia, Peru, Ecuador, Bolivia and until recently Venezuela
*
Advantages of Regional Integration
(a) Economic
Advantages based on competition and scale
Small countries often cannot achieve economies of scale fully until they open up to free trade
More competition makes firms more efficient
e.g. by opening up domestic monopolies to competition or via internal inefficiencies
Open access to larger markets
Lower prices for consumers
Consumers have access to more goods
Free trade increases economic growth
Inflows of investment (FDI) from rest of world enabling transfers of technology and skills
Factor mobility (i.e. labour and capital)
Trade creation inside the bloc
Can gain new skills, technology and experience
*
(b) Political
Increasing dependency on regional trading partners tends to promote cooperation
Less risk of war
Greater influence in world
This was instrumental in the formation of the EU after WWII
On the one hand global domination by the USA and on the other the potential threat from the USSR
*
*
Disadvantages of Regional Integration
Economic
TRADE DIVERSION instead of TRADE CREATION
- i.e. there may be a cheaper source outside of the trade bloc but now common external trade barriers increase the price of such goods for domes ...
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
3. Ethics and the marketplace Let the marketplace set the price of oil
4. The Moral Basis of Economic Theory Economic equilibrium Balance increases Results in maximum profit P = price Q = quantity of good S = supply D =demand P0 = price of market balance A = surplus of demand - when P B = surplus of supply - when P>P0
5. Pareto Optimality What is Pareto Optimality? Impossible to make an single person better without harming another. Vifredo Pareto, 1848 -1923 Italian industrialist and economist
6. Pareto Optimality Every business manager attempts to optimize profits Find balance between economic and social performance Honest Honorable Competitive Seek greatest Financial return
7. Profits lead to social well-being James McKie Primary goal for business is profit Milton Friedman Social responsibility
11. 1970’s gas shortages Price Control implemented which resulted in longer lines and shortages
12. Marketplace Dictate price allows free market Long term energy and environment goals achieved Conservation Reduced dependency on foreign oil Reduced emissions through the use of alternative fuel
13. Law and Legal Requirements Let the marketplace set the price of oil
14. Antitrust laws Forbid engaging in monopolistic practices Prohibit competitors to suppress supplies and rise prices Predatory pricing and price gouging
15. Price Gouging HR 1252 - Federal Price Gouging Prevention Act Passed House 284 to 141 (66%) Failed to come to a vote in Senate 13 States have laws making ‘price gouging’ illegal Address price gouging in a state of emergency Vague words Unconscionably excessive
16. ABC News 20/20 Report June 2, 2007 Let the marketplace set the price of oil
Editor's Notes
“At economic equilibrium – and an essential element in reaching economic equilibrium throughout the entire economic system is the effort by business managers to balance marginal increases in revenues against marginal increases in costs, which automatically results in maximum profits for the firm within market and resource constraints – it is theoretically possible to achieve Pareto Optimality.
What is Pareto Optimality? “…refers to a condition in which the scarce resources of society are being used so efficiently by the producing firms, and the goods and services are being distributed so effectively by competitive markets, that it would be impossible to make any single person better off without harming some other person.”
“The theory requires that every business manager attempt to optimize profits. Consequently, the decision rule that an economist would propose for finding the proper balance between the economic and social performance of a business firm would be to always be truthful (don’t mislead), honorable (observe contracts), and competitive (set prices and costs at marginal levels), and always decide for the greater financial return. “For many economists, the concept of Pareto Optimality excludes any need to consider ethical dilemmas in management. This view is very direct and can be summarized very simply. “Ethics are not relevant in business, beyond the normal standards not to lie, cheat, or steal. All that is necessary is to maintain price competitive markets and recognize the full costs of production in those prices, and then the market system will ensure that scarce resources are used to optimally satisfy consumer needs. A firm that is optimally satisfying consumer needs, to the limit of available resources, is operating most efficiently and most profitably.”
“The belief that profit maximization leads inexorably to the well-being of society is a central tenet of economic theory and has been stated very succinctly and very clearly by both James McKie of the Brookings Institute and Milton Friedman of the University of Chicago: The primary goal and motivating force for business organizations is profit. The firm attempts to make as large a profit as it can, thereby maintaining its efficiency and taking advantage of available opportunities to innovate and contribute to growth. Profits are kept to reasonable or appropriate levels by market competition, which leads the firm pursuing its own self-interest to an end that is not part of its conscious intention: enhancement of the public welfare” (James McKie, “Changing Views,” in Social Responsibility and the Business Predicament, Washington: Brookings Institute, 1974, p. 19) “The view has been gaining widespread acceptance that corporate officials…have a “social responsibility” that goes beyond serving the interest of the stockholders or their members. This view shows a fundamental misconception of the character and nature of a free economy. In such an economy, there is one and only one social responsibility of business – to use its resources and engage in activities designed to increase its profits, so long as it stays within the rules of the game, which is to say, engages in open and free competition, without deception or fraud…Few trends could so thoroughly undermine the very foundations of our free society as the acceptance of corporate officials of a social responsibility other than to make as much money for their stockholders as possible” (Milton Friedman, Capitalism and Freedom, Chicago: University of Chicago Press, 1962, p. 133)
