William Greider, a national affairs correspondent was quoted as saying "The great, unreported story in globalization is about power, not ideology. It's about how finance and business regularly, continuously insert their own self-interested deals and exceptions into rules and agreements that are then announced to the public as free trade." Of course, this being only one man's opinion, regional integration can bring neighboring countries closer to freer trade. This writer will explain the role of regional integration with global business and discuss the advantages and disadvantages of regional integration between those countries participating in the North American Free Trade Agreement (NAFTA). In addition, this writer will compare and contrast the economic development stages of those same countries and address the ramifications of economic development for global business. As of December 1999, there were 214 agreements presented to the GATT (General Agreement on Tariffs and Trade) and the WTO (World Trade Organization), with 134 considered to be in effect. From a worldwide perspective, one of the overall goals of the GATT and WTO is to reduce trade barriers. However, some countries have chosen to move the process of reducing trade barriers along by entering into regional trade agreements with other neighboring countries.
             Economic theories predict that these regional trade agreements promoting freer trade benefit all member countries. Some of the benefits from freer trade as a result of regional integration can be identified through greater world production, countries being recognized as a more efficient producers of a specialized good or service and stimulation in economic growth. In addition, political cooperation is established when nearby economies come together and rely on each other. Having this relationship can significantly reduce the potential for violent conflict between the states and can improve the overall political influe...