International Business, 8th Edition

International Business, 8th Edition
Griffin & Pustay Copyright © 2015 Pearson Education, Inc.

Copyright © 2015 Pearson Education, Inc.
Learning Objectives Explain the importance of the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) to international businesses Contrast the different forms of economic integration among cooperating countries Analyze the opportunities for international businesses created by completion of the European Union’s internal market Describe the other major trading blocs in today’s world economy Copyright © 2015 Pearson Education, Inc.

The General Agreement on Tariffs and Trade and the World Trade Organization (GATT & WTO) Never came into being IT0 Took over ITA’s mission: Promote Trade GATT Adopted GATT’s mission WTO To ensure that the post–World War II international peace would not be threatened by trade wars, representatives of the leading trading nations met in Havana, Cuba, in 1947 to create the International Trade Organization (ITO). The ITO’s mission was to promote trade; however, the organization never came into being. Instead its mission was taken over by the General Agreement on Tariffs and Trade (GATT), which had been developed as part of the preparations for the Havana conference. The GATT provided a forum for trade ministers to discuss policies and problems of common concern. In January 1995, it was replaced by the World Trade Organization, which adopted the GATT’s mission. Copyright © 2015 Pearson Education, Inc.

The Role of the GATT Free and Competitive International Trading Environment Most Favored Nation (MFN) Principle Generalized System of Preferences (GSP) Economic Integration The GATT’s goal was to promote a free and competitive international trading environment benefiting efficient producers, an objective supported by many multinational corporations (MNEs). The GATT accomplished this by sponsoring multilateral negotiations to reduce tariffs, quotas, and other nontariff barriers. It sponsored a series of eight negotiating “rounds,” generally named after the location where each round of negotiations began (see Table 10.1), during its lifetime. The cumulative effect of the GATT’s eight rounds was a substantial reduction in tariffs. Tariffs imposed by the developed countries fell from an average of more than 40 percent in 1948 to approximately 3 percent in 2005. To help international businesses compete in world markets regardless of their nationality, the GATT sought to ensure that international trade was conducted on a nondiscriminatory basis. This was accomplished through use of the most favored nation (MFN) principle, which requires that any preferential treatment granted to one country must be extended to all countries. Under GATT rules, all members were required to utilize the MFN principle in dealing with other members. However, there are two important exceptions. First, members may lower tariffs to developing countries without lowering them for more developed countries. Such reduced rates offered to developing countries are known as the generalized system of preferences (GSP). The second exception is for comprehensive trade agreements that promote economic integration, such as the EU and NAFTA. Copyright © 2015 Pearson Education, Inc.

The WTO Established: January 1, 1995 Headquarter: Geneva, Switzerland Memberships: Countries Primary Goals: Promote International Trade Reduce Trade Barriers Resolve Trade Disputes The final round of GATT negotiations began in Uruguay in Ratified by GATT members in 1994, the Uruguay Round agreement took effect in Uruguay Round participants also agreed to create the World Trade Organization (WTO). They established its initial agenda and granted it more power to attack trade barriers than the GATT had possessed. Headquartered in Geneva, Switzerland, the WTO includes 153 member and 30 observer countries. Members are required to open their markets to international trade and to follow the WTO’s rules. The WTO has three primary goals: Promote trade flows by encouraging nations to adopt nondiscriminatory, predictable trade policies. Reduce remaining trade barriers through multilateral negotiations. Establish impartial procedures for resolving trade disputes among members. Copyright © 2015 Pearson Education, Inc.

The WTO WTO differs from GATT in two dimensions: Broader Mandate Stronger enforcement powers While it was designed to build on and expand the successes of the GATT, the WTO differs from the GATT in two important dimensions: First, the GATT focused on promoting trade in goods. The WTO’s mandate also includes trade in services, international intellectual property protection, and trade-related investment. Second, the WTO’s enforcement powers are much stronger than those enacted under the GATT. Copyright © 2015 Pearson Education, Inc.

The WTO: Additional Challenges
The General Agreement on Trade in Services (GATS) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) Trade-Related Investment Measures Agreement (TRIM) Enforcement of WTO Decisions Deadlock over the Doha Round Negotiations Opposition to WTO Actions The General Agreement on Trade in Services: Another challenge facing the WTO is reducing barriers to trade in services. The Uruguay Round developed a set of principles under which such trade should be conducted. Agreement on Trade-Related Aspects of Intellectual Property Rights: Entrepreneurs, artists, and inventors have been hurt by inadequate enforcement by many countries of laws prohibiting illegal usage, copying, or counterfeiting of intellectual property. These problems are particularly widespread in the music, filmed entertainment, and computer software industries. Trade-Related Investment Measures Agreement: The trade-related investment measures (TRIMS) agreement in the Uruguay Round is but a modest start toward eliminating national regulations on FDI that may distort or restrict trade. Enforcement of WTO Decisions: The enforcement power of the GATT was notoriously weak. Under WTO rules, a country failing to live up to the agreement may have a complaint filed against it. If a WTO panel finds the country in violation of the rules, the panel will likely ask the country to eliminate the trade barrier. If the country refuses, the WTO will allow the complaining country to impose trade barriers on the offending country equal to the damage caused by the trade barrier. Furthermore, the offending country is not allowed to counter-retaliate by imposing new trade barriers against the complainant. The failure of the WTO to break the deadlock over the Doha Round negotiations has raised some concerns about future reductions in trade barriers and the future effectiveness of the WTO. The growing importance of the WTO has attracted opposition to its actions. Environmentalists and human rights activists, for instance, believe that the WTO needs to incorporate more sensitivity to environmental and human needs in its decision making. Labor unions and workers’ groups fear that the WTO’s decisions weaken their bargaining power and threaten their members’ job security. Copyright © 2015 Pearson Education, Inc.

Regional Economic Integration
This graphic represents the five forms of regional economic integration, starting at the bottom with the least integrated form. A free trade area eliminates trade barriers among its members; however, each member establishes its own trade policies against nonmembers. As a result, they are vulnerable to trade deflection, in which nonmembers reroute exports to the member nation with the lowest external trade barriers. To counter this problem, most free trade agreements specify rules of origin, which detail how a good is classified as a member good or a nonmember good. A customs union eliminates internal trade barriers among its members and adopts common external trade policies toward nonmembers. The uniform treatment of products from nonmember countries minimizes the trade deflection problem. A common market eliminates internal trade barriers among members and adopts a common external trade policy toward nonmembers. It also eliminates barriers that inhibit the movement of factors of production among members. An economic union represents full integration of the economies of two or more countries. Members eliminate internal trade barriers, adopt common external trade policies, and abolish restrictions on the mobility of factors of production among members. In addition, an economic union requires its members to coordinate their economic policies in order to blend their economies into a single entity. A political union is the complete political and economic integration of two or more countries, thereby effectively making them one country. Copyright © 2015 Pearson Education, Inc.

Forms of Economic Integration: Free Trade Area
Eliminates trade barriers among its members Each member establishes its own trade policies against nonmembers Trade deflection problem Rules of Origin Copyright © 2015 Pearson Education, Inc.

Forms of Economic Integration: Customs Union
Eliminates internal trade barriers among its members Adopts common external trade policies toward nonmembers Minimizes the trade deflection problem Copyright © 2015 Pearson Education, Inc.

Forms of Economic Integration: Common Market
Eliminates internal trade barriers among members Adopts a common external trade policy toward nonmembers Eliminates barriers that inhibit the movement of factors of production among members Copyright © 2015 Pearson Education, Inc.

Forms of Economic Integration: Economic Union
Represents full integration of the economies of two or more countries Eliminate internal trade barriers Adopt common external trade policies Abolish restrictions on the mobility of factors of production among members Requires its members to coordinate their economic policies Copyright © 2015 Pearson Education, Inc.

Forms of Economic Integration: Political Union
Complete political and economic integration of two or more countries Copyright © 2015 Pearson Education, Inc.

Impact of Economic Integration on Firms
pros cons Open Markets of Member Countries Lower Production and Distribution Costs Improve International Competitiveness Threaten Less- Efficient Firms Harms Specific Sectors in the Economy Favors Powerful Special Interest Groups From the viewpoint of an individual firm, regional integration is a two-edged sword. On the plus side, lowering tariffs within the regional trading bloc opens the markets of member countries to all member country firms. Firms lower their average production and distribution costs by capturing economies of scale as they expand their customer base within the trading bloc. Lower costs also help the firms compete in markets outside the trading bloc. However, elimination of trade barriers also exposes a firm’s home market to competition from firms located in other member countries, thus threatening less-efficient firms. Each form of integration confers benefits on the national economy as a whole, but economic integration can harm specific sectors within that economy. Negotiating any form of economic integration, therefore, is not easy. Special-interest groups may lobby against it. As a result of such internal political pressures, few economic integration treaties are pure, as most contain some exemptions to quiet politically powerful domestic special-interest groups. Copyright © 2015 Pearson Education, Inc.

The European Union The most important regional trading bloc in the world today is the European Union (EU). With a combined population of 499 million, the EU is one of the world’s richest markets, with a total gross domestic product (GDP) of $16.3 trillion, or about 28 percent of the world economy. Copyright © 2015 Pearson Education, Inc.

The European Union Treaty of Rome European Community (EC) Treaty of Maastricht The creation of the European Union (EU) was motivated by the desires of Europeans to promote peace and prosperity through economic and political cooperation. To further this objective, France, West Germany, Italy, Belgium, the Netherlands, and Luxembourg signed the Treaty of Rome in 1957. The treaty established the European Economic Community (EEC) and promoted a common market among the six member states. Over the next five decades, the EEC changed its name twice and expanded its membership dramatically. During the 1970s, the United Kingdom, Denmark, and Ireland joined the EEC, which became commonly referred to as the European Community (EC). During the 1980s, Greece, Portugal, and Spain entered the EC. In 1993, the 12 EC members signed the Treaty of Maastricht; as a result of this agreement, the EC became known as the EU. In 1995, Austria, Finland, and Sweden joined the EU. Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia became EU members in Bulgaria and Romania joined the EU in 2007 and Croatia in 2013, bringing its total membership to 28. Copyright © 2015 Pearson Education, Inc.

Governing the EU The European Council The Council of the European Union The European Commission The European Parliament The European Court of Justice The European Union is a unique institution. Its members are sovereign nations that have ceded certain of their powers to the EU. The EU can be characterized as an intergovernmental government because it is a government of national governments. Since it exercises power above the national level, the EU is also a supranational government. Five organizations perform its executive, administrative, legislative, and judicial functions: The European Council (meets in Brussels, Belgium) The Council of the European Union (headquartered in Brussels, Belgium) The European Commission (also based in Brussels) The European Parliament (normally meets in Strasbourg, France) The European Court of Justice (sitting in Luxembourg) The following slides will provide an overview of these organizations. Copyright © 2015 Pearson Education, Inc.

Governing the EU: European Council
Heads of state or government from each of the member states President of the European Council President of the European Commission Convenes twice every six months Shapes the EU’s political priorities and policy agendas Decisions are usually based on consensus The European Council consists of the following: heads of state or government from each of the member states, the President of the European Council, and the President of the European Commission. In addition, the EU’s High Representative of the Union for Foreign Affairs and Security Policy participates in its meetings. Normally convening twice every six months, the European Council shapes the EU’s political priorities and policy agendas. Its decisions are usually based on consensus, unless EU treaties require a different voting rule. Copyright © 2015 Pearson Education, Inc.

Governing the EU: Council of the EU
Representatives of Member States The EU’s Most Powerful Decision-Making Body Decision-making Rules Unanimous Approval Qualified Majority The Council of the European Union is composed of 28 representatives, each selected directly by and responsible to his or her home government. The Council is the EU’s most powerful decision-making body. In most Council decisions, a weighted voting system is used. The allocation of votes is in rough proportion to the population and economic clout of the members. Some Council decisions require unanimous approval, such as entry of new members, taxation, foreign and security policy initiatives, and amending EU treaties. On matters perceived to be less threatening to national interests, Council decisions require only a qualified majority for passage. Copyright © 2015 Pearson Education, Inc.

Governing the EU: European Commission
Proposes Legislation Implements Treaty Provisions Protects the Interests of the EU Wields Broad Implementation Powers Administers the EU’s Bureaucracy The European Commission is composed of 28 people, one from each member state, selected for five-year terms. However, their loyalty is to the EU itself, not to their home countries. The Commission is the “guardian of the Treaties.” Its functions include the following: It proposes legislation to be considered by the Council. It implements the provisions of the Treaty of Rome and other EU treaties. It protects the EU’s interests in political debates, particularly in Council deliberations. It has extensive powers in implementing the EU’s customs union, the Common Agricultural Policy (CAP), and the completion of the internal market. It administers the EU’s permanent bureaucracy, which employs about 38,000 people—popularly known as “Eurocrats”—two-thirds of whom work at Commission headquarters in Brussels. Because the EU has 24 official languages, its translation budget is more than $1 billion a year. It employs 1,750 linguists, who cumulatively are capable of translating any official language into any other official language—a possible 276 combinations. Copyright © 2015 Pearson Education, Inc.

Governing the EU: European Parliament
Seats are allocated in rough proportion to a country’s population Originally the weakest of EU’s governing bodies Gained increased powers over time The European Parliament currently comprises 748 representatives elected to serve five-year terms. Seats are allocated in rough proportion to a country’s population. Of the EU’s governing bodies, the Parliament was originally the weakest, playing only a consultative role in EU policy making. Over the years, the Parliament has used its budgetary powers to enlarge its influence within the EU’s governing institutions. It has also gained additional powers under the Maastricht, Amsterdam, Nice, and Lisbon Treaties. Because many Europeans are concerned about the lack of accountability in the EU’s programs and the lack of democracy in its decision-making processes, the role of the European Parliament is likely to expand and its powers grow over time. Copyright © 2015 Pearson Education, Inc.

Governing the EU: European Court of Justice
Interprets EU Law Ensures Compliance The European Court of Justice consists of 28 judges who serve six-year terms. The judges are selected jointly by the governments of the member states. The Court interprets EU law and ensures that members follow EU regulations and policies. Copyright © 2015 Pearson Education, Inc.

Governing the EU: Legislative Process
The Co-Decision Procedure European Parliament Council of the European Union The co-decision procedure was introduced by the Treaty of Maastricht. It is now a permanent part of the Treaty on the Functioning of the European Union (TFEU). In this procedure, the European Parliament and the Council “co-decide” legislation. In order for the legislation to be enacted, a consensus between the Parliament and the Council must be reached. The EU prefers to develop a strong consensus on issues among its members before it adopts new legislation. As a result, transforming a Commission proposal into an EU law and then implementing that law into national legislation often takes years. The complicated governance arrangements of the EU reflect an ongoing struggle between two forces: the members’ desire to retain their national sovereignty and their wish to create a supranational government with global influence. Copyright © 2015 Pearson Education, Inc.

The Struggle to Create a Common Market
Harmonization Mutual Recognition “White Paper” Single European Act The Treaty of Rome’s goal of creating a common market was visionary. For the first 35 years of the EU’s existence, however, progress was slow. To establish a common market, each EU member had to agree to change national laws, product standards, and regulations to ensure that they were compatible with those of other EU members. In practice, the member nations moved cautiously because of political pressures from domestic special-interest groups. The EU relied on a process of harmonization to eliminate such conflicts. This process encouraged member countries to voluntarily adopt common regulations affecting trade in goods and services, as well as the movement of resources. This process moved slowly, however, as political forces within the member states resisted change, creating fears that the EU would disintegrate. In 1979, the European Court of Justice heard the now famous Cassis de Dijon case, involving conflicting regulatory standards in France and Germany. The Court’s decision created the concept of mutual recognition: If one member state determines that a product is appropriate for sale, then all other EU members are also obliged to do so under the provisions of the Treaty of Rome. In 1985 the European Commission issued its White Paper on Completing the Internal Market. The White Paper called for accelerated progress on ending all trade barriers and restrictions on the free movement of goods, services, capital, and labor among members. Accepting the vision of the White Paper, in 1986 the members signed the Single European Act, which took effect on July 1, 1987. Copyright © 2015 Pearson Education, Inc.

From Common Market to European Union
Reassert Europe on World Stage Maastricht Treaty Economic and Monetary Union (EMU) Treaty of Amsterdam Treaty of Nice Treaty of Lisbon The EU’s Council of Ministers met in Maastricht in December 1991 to discuss the economic and political future of the European Union and reassert Europe on world stage. The result of the meeting was a new treaty that amended the Treaty of Rome. Known formally as the Treaty on European Union and informally as the Maastricht Treaty came into force on November 1, 1993. The most important aspect of the Maastricht Treaty was the establishment of the economic and monetary union. Its major task has been to create a single currency, called the euro, to replace existing national currencies. The creation of the euro reduced exchange rate risks and currency conversion costs of firms doing business in the eurozone. However, creation of a single currency was not without controversy. The Treaty of Amsterdam (aka the Treaty for Europe) was signed in Its most important components include the following: a strong commitment to attack the EU’s high levels of unemployment; a plan to strengthen the European Parliament; and the establishment of a two-track system, allowing groups of members to proceed with economic and political integration faster than the EU as a whole. The Treaty of Nice became effective in February It continued the integration process by making modest adjustments in the EU’s governance arrangements. For instance, the treaty reduced the number of areas where unanimity is required for Council approval; yet, more significant steps were needed to reform the EU’s decision-making processes. Therefore, EU members established a Constitutional Convention to resolve these conflicts. Unfortunately, the proposed Constitution was defeated in May 2005. After a two-year “period of reflection,” EU members agreed to the Treaty of Lisbon (or the Reform Treaty), which adopted many of the governance changes proposed by the Constitutional Convention. Important changes included creating a full-time President of the European Council, permitting a reduction in the size of the European Commission, and strengthening the powers of the European Parliament. The Treaty of Lisbon also granted national legislatures the formal right to voice concerns about proposed EU legislation. Copyright © 2015 Pearson Education, Inc.

Treaties and the Economic Integration Process
The Treaty of Amsterdam The Treaty of Nice The Treaty of Lisbon The Treaty of Amsterdam (aka the Treaty for Europe) was signed in Its most important components include the following: a strong commitment to attack the EU’s high levels of unemployment; a plan to strengthen the European Parliament; and the establishment of a two-track system, allowing groups of members to proceed with economic and political integration faster than the EU as a whole. The Treaty of Nice became effective in February It continued the integration process by making modest adjustments in the EU’s governance arrangements. For instance, the treaty reduced the number of areas where unanimity is required for Council approval; yet, more significant steps were needed to reform the EU’s decision-making processes. Therefore, EU members established a Constitutional Convention to resolve these conflicts. Unfortunately, the proposed Constitution was defeated in May 2005. After a two-year “period of reflection,” EU members agreed to the Treaty of Lisbon (or the Reform Treaty), which adopted many of the governance changes proposed by the Constitutional Convention. Important changes included creating a full-time President of the European Council, permitting a reduction in the size of the European Commission, and strengthening the powers of the European Parliament. The Treaty of Lisbon also granted national legislatures the formal right to voice concerns about proposed EU legislation. Copyright © 2015 Pearson Education, Inc.

Future EU Challenges State Aid to Industry Corporate Takeovers Common Agricultural Policy Lack of Democracy and Accountability Even though the members of the EU have made remarkable progress in implementing the goals of the Treaty of Rome, political conflicts still remain. One divisive issue is state aid to industry. Under EU rules, national governments may not provide subsidies to firms that “distort” competition. Yet many governments don’t want to let domestic firms go bankrupt, especially if local jobs are threatened. Some national governments have tried to protect their domestic corporations from unwanted takeovers by firms headquartered in other EU countries. Such actions are contrary to the goal of creating an EU-wide capital market. France and the United Kingdom are at odds over the EU’s Common Agricultural Policy. This policy benefits French farmers to the detriment of British interests. It also compromises the EU’s relationships with the United States and the WTO. Other countries are concerned about the lack of democracy and accountability within the EU. They believe more power should be given to the European Parliament, the EU’s only directly elected governing body. Copyright © 2015 Pearson Education, Inc.

North American Free Trade Agreement (NAFTA)
Lower Tariffs Reduce NTBs Boost Investments NAFTA was implemented in 1994 to reduce barriers to trade and investment among Canada, Mexico, and the United States. Over a 15-year time span, tariff walls have been lowered, NTBs have been reduced, and investment opportunities have increased for firms located in the three countries. Most experts believe that NAFTA has benefited all three countries, although the gains have been more modest in Canada and the United States than most NAFTA advocates expected. NAFTA’s overall impact on the Mexican economy has been dramatic. Copyright © 2015 Pearson Education, Inc.

Other Free-Trade Agreements in the Americas
The Caribbean Basin Initiative Central America-Dominican Republic Free Trade Agreement The Mercosur Accord The Andean Community The Caribbean Basin Initiative (CBI) overlaps two regional free trade areas: the Central American Common Market and the Caribbean Community and Common Market. The CBI permits duty-free import into the United States of a wide range of goods that originate in Caribbean Basin countries, or that have been assembled there from parts produced in the USA. However, politically sensitive goods have been excluded from the CBI, such as textiles, canned tuna, apparel, and petroleum. The Central America-Dominican Republic Free Trade Agreement was signed in It reduced tariffs, NTBs, and investment barriers among the United States, El Salvador, Costa Rica, Guatemala, Honduras, Nicaragua, and the Dominican Republic. In 1991, the governments of Argentina, Brazil, Paraguay, and Uruguay signed the Mercosur Accord. These countries agreed to set common external tariffs and to cut internal tariffs on goods that account for 85 percent of intra-Mercosur trade. Bolivia, Colombia, Chile, Ecuador, Peru, and Venezuela later joined Mercosur as associate members. The Andean Community resulted from a 1969 agreement to promote free trade among Bolivia, Chile, Colombia, Ecuador, and Peru. Venezuela joined the pact in 1973, but Chile dropped out in During its first 20 years, however, the agreement was not very successful. In 2005, the Andean Community negotiated a cooperative agreement with Mercosur members. Copyright © 2015 Pearson Education, Inc.

Trade Arrangements in the Asia-Pacific Region
Australia-New Zealand Agreement (ANZCERTA or CER) Association of Southeastern Asian Nations (ASEAN) Asia-Pacific Economic Cooperation Initiative (APEC) The Australia–New Zealand Closer Economic Relations Trade Agreement (ANZCERTA or CER) took effect on January 1, Over time, it has eliminated tariffs and NTBs between the two countries. The CER has also fostered cooperation in marketing, investments, tourism, and transportation. Most analysts believe the CER has been one of the world’s most successful free trade agreements. The Association of Southeast Asian Nations (ASEAN) was established in 1967 to promote regional political and economic cooperation. Its founding members were Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand. During the 1990s, Cambodia, Laos, Myanmar, and Vietnam joined. ASEAN increased its stature in the world market in 2003 by signing a free trade pact with China, with the first set of tariff cuts commencing in To promote intra-ASEAN trade, members established the ASEAN Free Trade Area (AFTA), in AFTA members promised to slash their tariffs to 5 percent or less on most manufactured goods by 2003 and on all goods by 2010. Asia-Pacific Economic Cooperation (APEC) includes 21 countries from both sides of the Pacific Ocean. It was founded in 1989 in response to the growing interdependence of the Asia-Pacific economies. Copyright © 2015 Pearson Education, Inc.

African Initiatives The Southern African Development Community (SADC) The Economic and Monetary Community of Central Africa (CEMAC) The Economic Community of West African States (ECOWAS) Many African countries have also established regional trading blocs. The three most important of these groups are as follows: The Southern African Development Community (SADC) is a free trade area created by 12 African Countries. The Economic and Monetary Community of Central Africa (CEMAC) promotes regional economic cooperation in Central Africa. The Economic Community of West African States (ECOWAS) was created by 16 West African countries to promote regional economic cooperation. Although these groups were established during the 1970s and early 1980s, they have not had a major impact on regional trade. Intra-Africa trade to date accounts for less than 12 percent of the continent’s total exports. This is due to inadequate intraregional transportation facilities and the failure of most domestic governments to create economic and political systems that encourage significant regional trade. Copyright © 2015 Pearson Education, Inc.

Review Questions What does most favored nation (MFN) mean? Under what conditions can WTO members not use MFN when dealing with one another? How does the WTO differ from the GATT? How do the various forms of economic integration differ? Why do free trade areas develop rules of origin? Copyright © 2015 Pearson Education, Inc.

Review Questions (Cont.)
What was the goal of the Treaty of Rome? Describe the five major organizations governing the EU. What are NAFTA’s major provisions? What is the Caribbean Basin Initiative? What is its goal? What efforts have South American countries made to regionally integrate their economies? Copyright © 2015 Pearson Education, Inc.

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