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What
is the FTAA?
During
the First Summit of the Americas held in December 1994 in
Miami, the presidents of the 34 democratic countries of the
Americas agreed to start the promotion and establishment of
the Area of Free Trade Area of the Americas (FTAA), a free
trade area which comprises the entire continent and favors
the progressive elimination of trade and investment barriers
in the region.
The FTAA's objective is the achievement
of greater well-being and progress for all citizens of the
Americas, as part of an integral vision of the political,
economic and social future of the continent.
The FTAA is guided by four fundamental principles:
- Preservation
and strengthening of the democratic community of the Americas.
- Promotion
of well-being through economic integration and free trade.
- Eradication
of poverty and discrimination in the hemisphere.
- Guarantee
of sustainable development and preservation of the environment
for future generations.
The
FTAA will be established by the year 2005 at the latest.
The FTAA's final characteristics will be determined through
negotiations by the official representatives of the governments
of the 34 participating countries.
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