Integration of world economies is the presence of trade blocs reflects the accelerating pace with which nations are integrating their economies. For example, nafta is a free-trade bloc consisting of canada, the. The eu groups 25 countries, while apec (asian pacific. Economic cooperation) consists of 21 nations forming a free-trade zone around the pacific. Integration of world markets is the notion that consumer preferences are converging around the world. Organizations are increasingly marketing their goods and services worldwide. Though local modifications may be made to tailor the product to the local consumer, there is a push toward global products. On the other side, production is increasingly becoming a global affair. Businesses will set up operations wherever it is least costly to do so. Globalization can be considered a process that is expanding the degree and forms of cross-border transactions among people, assets, goods and services. Globalization refers to the growth in direct foreign investment in regions across the world.