The following quotes and passages* have been taken from "The Summit of the Americas, in December 1994, brought together all 34 of the hemisphere's elected presidents and prime ministers for two days of meetings in Miami. The assembled leaders approved a plan of action that conveyed an inter-American consensus on the critical issues in hemispheric affairs, and a broad convergence of interests and objectives among the countries. For the majority of nations, the Summit's most important accomplishment was the agreement to negotiate a hemispheric free trade agreement (the Free Trade Area of the Americas or FTAA) by 2005." "Although at varying pace and depth, every Latin American and Caribbean country has extensively reformed and restructured its economy. Governments have sharply reduced barriers to international trade and investment." "Emphasis today is on competitive markets, private enterprise, foreign trade, and macroeconomic discipline." "Other gains include the revival of foreign investment and lending to the region." See table 5 for a chart of Net Inflow of Private Capital to Latin America and the Caribbean. "Latin America's per capita income has expanded every year but one since 1990, after declining by more than ten percent over the previous ten years." "All nations of the Americas have a strong interest in developing more effective cooperation in hemispheric affairs. The reasons for building cooperative political and economic relations are today more compelling than ever." "Hemispheric free trade and broader economic integration will bring multiple benefits. Lower import barriers will lead to expanded trade, and every country will be assured of more stable and predictable market access. The most valuable economic gains will come from increasing flows of foreign direct investment to take advantage of new business opportunities. Larger capital flows will bring upgraded technology and greater internal competition, which should lead to improved international competitiveness for Western Hemisphere nations." "The United States is the largest trading partner for most countries of Latin America and the Caribbean, with upwards of 40 percent of the region's exports going to U.S. markets. Latin America absorbs only 14 percent of U.S. exports, but the region is now the fastest growing market for North American products, because it is attracting large-scale flows of international capital, because the nations of the region are increasing emphasis on trade." tables 6 and 7 are bar graphs showing in billions of dollars exports between Latin America and the U.S. "Market-oriented policy reforms have improved economic performance throughout Latin America and the Caribbean." "The future of cooperation in the Americas depends on rapid movement toward hemispheric free trade and broader economic integration, allowing for the free flow of goods, services, and capital across national barriers throughout the Americas." * * * This is not the only economic growth occurring. Internal exports between the different countries of Latin America has doubled between 1991 and 1995 -- to more than $2.8 billion. Both internal trade and exports are increasing at rates of almost 25 percent a year. Meanwhile economic leaders are also devising common strategies to deregulate, attract investment, reform their pension systems, join electricity grids and telecom networks, and build roads. * The full text can be read at their site www.iadialog.org |
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