the european union stands alone in terms of boldness and potential implications, but regional economic integration is on the rise in the americas. nafta is significant but several other trade blocs are in the offing, and these have practical and managerial implications for any firm doing business in the western hemisphere. when a business is considering a particular nation as a market or site for investment, a key consideration will be whether the country participates in regional economic integration. the firm needs to understand what is happening in that trade bloc and the effect it will have on the firm's strategy and operations. the creation of a single market through regional economic integration offers significant opportunities because markets that were formerly protected from foreign competition are increasingly open. opportunities arise from the inherently lower costs of doing business in a single market. even after the removal of barriers to trade and investment, differences in culture and competitive practices often limit the ability of companies to centralize production. a major threat to businesses is that with lowered trade barriers, the business environment can become even more competitive. firms can also be shut out of markets if they do not have a local presence.