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Last updated at: (Beijing Time) Wednesday, January 14, 2004

American nations to continue work for FTAA

Leaders of 34 American nations reiterated Tuesday that they will continue to make effort for realizing the goal of establishing the Free Trade Area of the Americas(FTAA).


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Leaders of 34 American nations reiterated Tuesday that they will continue to make effort for realizing the goal of establishing the Free Trade Area of the Americas(FTAA).

The United States wanted to put the FTAA issue on the agenda of the two-day Special Summit of the Americas, but the proposal was rejected by many Latin American countries as there are some controversial issues such as the deadline of the FTAA and subsidies of agricultural products.

However, in the Declaration of Nuevo Leon which released at the end of the summit, the leaders recognize the important role that trade plays in promoting sustained growth and economic development.

"We affirm our commitment to advance the Doha Agenda in order to benefit all our economies, particularly developing economies, by promoting, among other measures, better access to markets and by eliminating export subsidies and by substantially reducing trade-distorting domestic support," the declaration said.

"We recognize that liberalization of trade of agricultural products constitutes, inter alia, an essential element for the development of agriculture in the countries of the Hemisphere. We therefore reaffirm our commitment to trade negotiations to promoteeffective access to markets," it said.

The leaders welcome the progress achieved to date toward the establishment of FTAA. They also agreed to support the agreement of ministers on the framework and calendar adopted for concluding the negotiations for the FTAA in the established timetable, which will most effectively foster economic growth, the reduction of poverty, development, and integration through trade liberalization,contributing to the achievement of the broad Summit objectives.

Source: Xinhua




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