This chapter discusses the issue of regional versus global trade agreements. It explains the major types of trade agreements. Significant growth in domestic markets and trade have taken place in emerging markets, especially the so-called BRIC (Brazil, Russia, India, and China) countries. The chapter presents a market potential analysis of the BRIC countries. While globalization has led to greater interdependence among economies, regional trade agreements have outpaced global arrangements. The formation of regional blocs influences market entry. The formation of regional economic groups such as the European Union has accelerated international trade flows of goods and services. Brazil and Argentina have the highest national incomes and trade of bloc members. Although measures of national income in emerging markets are lower than that of developed countries, market potential for many products is substantial. In emerging markets, Africa is becoming an attractive target for and by emerging market enterprises.