Economic Definition of Free Trade Area of the Americas. Defined.
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Term Free Trade Area of the Americas Definition: The Free Trade Area of the Americas (FTAA) is an effort to unite the economies of the Americas into a single free trade area. The origin of this multilateral organization goes back to the Summit of the Americas, which was held in December 1994 in Miami, U.S.A. The Heads of State and Government of the 34 democracies in the region agreed to construct a Free Trade Area of the Americas, in which barriers to trade and investment will be progressively eliminated. They agreed to complete negotiations towards this agreement by the year 2005 and to achieve substantial progress toward building the FTAA by 2000. Nine FTAA Negotiating Groups were created in the following areas: market access; investment; services; government procurement; dispute settlement; agriculture; intellectual property rights; subsidies, antidumping and countervailing duties; and competition policy.