American Free Trade Agreement ( Nafta ) And Mercosur Essay

Each Member State faces difficulties with exportations to other countries in North America, Latin America and Europe (Development Paths in the Caribbean). The disadvantage is that these other countries have already established their own trading blocs such as the North American Free Trade Agreement (NAFTA) and Mercosur. There is a need for Caribbean countries to become part of the ‘bigger picture’ and discontinue assuming that their traditional schemes and old markets will continue to sustain them. Integration promises new and innovative solutions to open new markets and expand exportations. In a country small like Belize, exportations are decreasing dramatically and importations will continue to increase. The Bank of Guyana has also reported that the country’s exportations are higher than importations (Guyana Exports) People do not only live off economics alone, people also part of society; and the Caribbean society all share similar history, culture and traditions. Integration helps to create a sense of Common Identity (Premdas). Common Identity occurs when an individual feels a sense of belonging to a collective group. When referring to identity, emphasis should be placed on the way that a group reacts in similar situations. When individuals feel belonging to a collective group, cultural, gang, religious or educational, the individual reacts similarly to the group’s reactions when in similar circumstances. Similarly, when belonging to a regional integrated group,Show MoreRelatedFree Trade Blocs, A Major Step Towards Economic Integration1076 Words   |  5 PagesFree Trade Blocs Free trade blocs are intergovernmental agreements that limit regional barriers to trade by integrating different economies. The four types of trade blocs are Preferential Trade Area, Free Trade Area, Customs Union, and Common Market. The specific trade blocs included in this analysis are Mercosur, North American Free Trade Agreement, European Union. 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