Word: ftaa
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...excitement down in Washington these days—trillion-dollar tax cuts, tense confrontations with foreign powers—it is easy to miss a little item like an interhemispheric free trade agreement. Easy to miss, but crucial to watch: the Free Trade Agreement of the Americas (FTAA) has become a top priority of the new Bush Administration. FTAA? Trade agreement? Big acronym—big deal. Eyes glaze over...
...regulations. This treaty, the most far-reaching trade agreement in history, will see intensive negotiations in Quebec over the weekend of April 20-22. In essence, the Bush Administration seeks to extend the North American Free Trade Agreement (NAFTA) to all of the Americas by 2003; if ratified, the FTAA could compromise the potential for democratic self-government of over 800 million people on two continents...
Hyperbole? Not at all. The FTAA is based in part upon the innovations in international trade law crafted under NAFTA, which has developed an extensive track record since its ratification in 1993. To get a sense of the potential impact of the FTAA, we can start by looking at what provisions the FTAA is importing from NAFTA and the effect these provisions have already had under the latter agreement...