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I think you need to be a bit more specific. When you say emerging markets and intl. business it can mean a lot of very different things – for example are you interested in for-profit or non-profits? are you interested in Finance/marketing/operations/HR/etc.?
The WDI institute in Michigan is probably the one you are referring to and indeed you can take part in their activities. They offer case competitions, events and even sponsor internships. you can read more about it here:
http://www.wdi.umich.edu/About
As far as the MBA studies are concerned, while you're not "majoring" in anything, you can focus your efforts on whatever you want, which is pretty much the same as having a major. You can choose to focus on operations with the Tauber classes or with the Erb dual degree which is very popular here and deals with sustainability and energy, or you can simply take finance/strategy/law/leadership/whatever classes as you wish.
The best thing is that you have a lot to choose from and it's very important – hope this helps.
Feel free to shoot me an email at [email protected] if you have any further questions