Is it possible to set a region lookup table so that my deal country can lookup this lookup table

Is it possible to set a region lookup table so that my deal country can lookup this lookup table

Hi there, 
I would like to be able to add a data lookup table with the following fields: Country, Region. And then in my deal report, i can then lookup this table to fish out the region in my report. This will be important for my sales process to categorise and do analysis based on this. Thanks.