Free Trade Area of the Americas (FTAA) and the EU: Complementary Markets or Global Competitors?
8 Pages Posted: 2 Apr 2019
Date Written: January 22, 2014
The governments and businessmen of the continent are actively promoting since 1994, the creation of the largest commercial block in the world, the Free Trade Area of the Americas (FTAA). 34 countries will be included in this agreement, covering a territory that goes from Alaska to Tierra del Fuego. The FTAA will have an enormous impact on the lives of the 800 million people who live on this continent. However, many of us never heard of its existence.
The FTAA was launched in 1994, at the First Summit of the Americas held in Miami, when the US president invited 33 heads of government - all but Cuba - to create a common agenda for the future of the Americas. The fundamental priority in this agenda was free trade and the expansion of the Free Trade Agreement (NAFTA), which includes Canada, the United States, and Mexico, all of America. In 1998, the Second Summit of the Americas was held in Santiago, Chile.
After the launching of the FTAA, a complicated and hard process of negotiations began with axis in the annual meetings held by the ministers of economy of the participating countries of the process of constitution of the commercial block. Other complementary issues, for example at the political and military levels, are part of these negotiations.
Currently the negotiations are aimed at obtaining a global text for governments and negotiating groups for the annual meeting to be held in Argentina in April 2001, in such a way that the Third Summit of the Americas to be held at the end of the same month in Quebec, Canada, represents a qualitative step towards the goal of bringing the FTAA into force in 2005.
Keywords: Free Trade, European Union, International Cooperation, Globalization
JEL Classification: J30, J40
Suggested Citation: Suggested Citation