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- 1. FTAA - Free Trade Area of the Americas • Free Trade Area of the Americas • The effort to unite the economies of the Americas into a single free trade area began at the Summit of the Americas, which was held in December 1994 in Miami, U.S.A. • Barriers to trade and investment will be progressively eliminated • They agreed to complete negotiations towards this agreement by the year 2005 History • The Free Trade Area of the Americas (FTAA) was an attempt to create a neoliberal free trade agreement that expanded the North American Free Trade Agreement (NAFTA) to every country in North America, Central America, South America and the Caribbean, except Cuba. • Negotiations began right after the completion of NAFTA in 1994 and were supposed to havebeen completed by January 1, 2005. • But an exciting thing happened: the FTAA was not signed. • Free Trade Area of the Americas began with the Summit of the Americas in Miami, Florida, on December 11, 1994, Membership The following countries are in the plans of the Free Trade Area of the Americas: 1. Antigua and Barbuda 2. Argentina 3. Bahamas 4. Barbados 5. Belize 6. Bolivia 7. Brazil 8. Canada 9. Chile 10. Colombia 11. Costa Rica 12. Dominica 13. Dominican Republic 14. Ecuador 15. El Salvador 16. Grenada 17. Guatemala 18. Guyana 19. Haiti 20. Honduras 21. Jamaica 22. Mexico 23. Nicaragua 24. Panama
- 2. 25. Paraguay 26. Peru 27. Saint Kitts and Nevis 28. Saint Lucia 29. Saint Vincent and the Grenadines 30. Suriname 31. Trinidad and Tobago 32. United States 33. Uruguay 34. Venezuela Objectives ofthe FTAA: 1. Member states of the FTAA stated the following objectives: 2. Promote prosperity through increased integration and free trade 3. Establish a Free Trade Area in which barriers to trade in goods, services and investment are progressively eliminated by no later than 2005 4. Maximize market openness 5. Facilitate integration of smaller economies into the FTAA 6. Secure observance and protection of worker rights Function of the FTAA Official Function of the FTAA:"We, the Ministers, reaffirm our commitment to the successful conclusion of the FTAA negotiations by January 2005, with the ultimate goal of achieving an area of free trade and regional integration. The Ministers reaffirm their commitment to a comprehensive and balanced FTAA that will most effectively foster economic growth, the reduction of poverty, development, and integration through trade liberalization. Unofficial Function of the FTAA:The Free Trade Area of the Americas is to guarantee control for North American businesses over a territory which stretches from the Arctic to the Antarctic, free access over the entire hemisphere without any difficulty or obstacle for our products, services, technology and capital.