In 1994, the Free Trade Area of the Americas (FTAA) was initiated at the Summit of the Americas. The goal behind the FTAA is to create a single free trade market out of all the economies of the Western Hemisphere. President Bush was recently extended Fast Track Authority (FTA), a free trade tool he hopes to use to create a single market from Canada to Argentina. The Western Hemisphere comprises 40 million square kilometers, a market of more than 800 million people, and a combined GDP of over $11 trillion dollars (Free 1). Throughout the Western Hemisphere there are already trade arrangements on a regional scale. The Andean Community, the Central American Common Market (CACM), Caricom, Mercosur, the Group of Three (G-3), and the North American Free Trade Agreement (NAFTA) already exist. In 1994, greater interdependence in the Americas was sought by the 34 democratic countries in the Western Hemisphere who met at the historic first Summit of the Americas in Miami (Free 2). At this meeting, of which there have been subsequent ones, a Declaration of Principles was adopted with the objectives of “expanding prosperity through economic integration and free trade, eradicating poverty and discrimination, and guaranteeing sustainable development while protecting the environment” (Free 2). This analysis will review the history, goals, and progress of creating the FTAA.
The Summit of the Americas resulted in an action plan which was designed to achieve a partnership for development and prosperity among the 34 democracies in the Western Hemisphere. This action plan included many agenda items, from protecting the environment to bolstering democracy and human rights. Part of the action plan resulted in the immediate construction of the Free Trade Area of the Americas (FTAA). The FTAA was designed to remove trade and investment barriers among the 34 nations. Lea
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