In this paper the writer will attempt to pick a region and analyze the role of regional integration in promoting global business. I will discuss the advantages and disadvantages of regional integration. There will be comparing and contrasting completed discussing the economic development stages of the two countries within my chosen region and what the possible ramifications of the region's economic development for global business.
             There has been a trend in recent years that has accelerated the movement toward regional economic integration. Regional economic integration means that agreements among countries in a geographic region to reduce, and remove tariff and non-tariffs barriers to the free flow of goods, services, and factors of production between each other (e-text, 2002).
             I have chosen Ecuador and Venezuela as the two regions that I will discuss within this paper. Venezuela is a country rich in natural resources, with one of the largest petroleum and mineral reserves. This country has a large potential to achieve sustainable economic and social development. They have suffered a prolonged economic and political crisis such as high levels of crime and violence, and long-term social ills such as extreme inequality and poverty (Venezuela country brief, 2005).
             Ecuador is one of South America's smaller countries and it has 13 million people living there with a per capita income just over USD. 1,500. It's location is right on the Equator and in the heart of South America, the people are kind and friendly and it's unique conditions, internal security, economic stability, and the country is open to foreign investment make it a potential for many different businesses (Ecuador business information, 2005).
             The state-operated petroleum sector remains extremely important and accounts for approximately one third of both export earnings and public sector revenue. This country is the
             world's largest expor...