The Free Trade Area of the Americas

The North American Free Trade Agreement (NAFTA) became effective in Canada, Mexico, and the United States on January 1, 1994. This agreement removed the tariffs and other trade barriers on goods produced and sold in North America. NAFTA forms the world's second largest free trade area. The largest free trade area is the European Economic Area, which also became effective in 1994. Talks began in late 1994 to expand NAFTA to include all Latin American nations. This will be called the Free Trade Area of the Americas (FTAA).
NAFTA is supposed to promote conditions of fair competition in the…