FTAA or Free Trade Area of the Americas:
Since the Reagan Administration, the U.S. has been trying to get a free trade agreement with all the countries in Central and South America to expand NAFTA throughout the hemisphere. Many South American countries are afraid that eliminating tariffs would allow U.S.-subsidized agribusiness to put their local farmers out of business, forcing their people to work for U.S. corporations. Many countries have agreed to enter into bilateral agreements with the U.S. as a result of the FTAA, including Chile, Colombia, Panama, Peru and Uruguay.
NAFTA or North American Free Trade Agreement:
NAFTA covers Canada, the U.S. and Mexico making it the world's largest free trade area. By 2008 almost all tariffs will have been eliminated. From 1993 (the initiation of NAFTA) to 2005, trade increased from $297 billion to $810 billion.
For more, read The Facts About NAFTA
CAFTA-DR or Central American-Dominican Republic Free Trade Agreement :
Signed on August 5, 2004, it eliminated tariffs on more than 80% of U.S. exports, while opening U.S. trade restrictions for Central American sugar, textiles and apparel. The countries which have agreed to enter so far include Costa Rica, Dominican Republic, Guatemala, Honduras, Nicaragua and El Salvador.
MEFTI Middle Eastern Trade Initiative:
In addition to a series of bilateral agreements, MEFTI works with peaceful Middle Eastern countries to help them obtain membership in the World Trade Organization (WTO),and to enter into Trade and Investment Action Plans (TIFA) that encourages investment. The countries that have agreed to enter into MEFTI include: Bahrain, Israel, Jordan, Morocco, Oman and the United Arab Emirates. The countries that are seeking membership in the WTO include Algeria, Lebanon and Yemen. The countries that have acquired the trade action plans include Algeria, Egypt, Kuwait, Qatar, Saudi Arabia, Tunisia and Yemen
ASEAN Initiative:
ASEAN stand for the Association for South East Asia Nations, which includes 10 nations in SE Asia whose purpose is to promote economic growth of the member countries, providing a balance of power to China and Japan. Members include: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The Initiative seeks to establish bilateral trade agreements and TIFA’s with those member who are already in the WTO. The U.S. has TIFA’s with Brunei, Indonesia, Malaysia, Phillipines and Thailand.
APEC or Asia-Pacific Economic Cooperation:
It includes those countries in Asia and the Americas who border the Pacific Ocean. Its purpose is to provide a forum for open dialogue between all member nations concerning issues they have in common.
