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HindustanTimes.com » Business » Corporate Briefs » Story
Free-trade debate at heart of Americas summit

Reuters

Mar Del Plata (Argentina), November 5, 2005
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After protests and a riot marred the opening of a summit of presidents from the Americas, some leaders will seek on Saturday to unite the hemisphere behind an agreement to revive free-trade talks.

The Free Trade Area of the Americas, or FTAA, scheduled to begin 10 months ago, has been at the heart of US policy in the region. Some of the big Latin economies including Brazil, Argentina and Venezuela threw the brakes on a deal they felt favored the United States.

Venezuelan President Hugo Chavez, Latin America's leading foe of US President George W Bush, arrived at the two-day summit telling anti-Bush and anti-free trade protesters he would "bury" the FTAA.

But Brazil, the South American breadbasket that has balked at US farm subsidies, gave some hope for new talks although it does not expect a major leap forward at this time.

"We are not allergic to the FTAA," said Brazilian Foreign Minister Celso Amorim.

The Mar del Plata Declaration could include a date in 2006 to restart talks, which would be considered a victory for Bush. If the region is successful this time around, the Americas will become the largest free-trade zone in the world, eclipsing the European Union.

LOST DECADE

Canadian Prime Minister Paul Martin reminded the summit the region had lost precious time on the deal over the past decade while economies like China and India raced ahead with "growth rates that have far outstripped ours in the Americas."

While the summit remained divided over free trade, there were few doubts Latin America had to find a way to break its boom-and-bust cycles and start reducing poverty.

"Will it be possible now for the benefits of our growth and democracy to help the more than 200 million poor who live in our region?" Jose Miguel Insulza, secretary-general of the Organization of American States, asked leaders of the summit.

Out on the streets of Mar del Plata, where tens of thousands of protesters supported by Chavez marched on Friday, the pro-free trade argument will be a hard sale.

"We listened to Washington's recipes for our economies for years and what did it bring us? More poverty and more unemployment. Free trade won't be any different," said Daniel Rodriguez, a 34-year-old protester.

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