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With all the excitement down in Washington these days—trillion-dollar tax cuts, tense confrontations with foreign powers—it is easy to miss a little item like an interhemispheric free trade agreement. Easy to miss, but crucial to watch: the Free Trade Agreement of the Americas (FTAA) has become a top priority of the new Bush Administration. FTAA? Trade agreement? Big acronym—big deal. Eyes glaze over...
...weather forecasters to assist in the management of natural disasters. And the meeting will undoubtedly announce significant progress toward the Holy Grail of the summit process: the creation of a giant Free Trade Area of the Americas by 2005, encompassing 800 million people and economies worth a collective $11 trillion...
...same sense of imminent threat, in fact, overhangs the economies that the summiteers are determined to bring into trade harmony. The main reasons are the abrupt slowdown of the huge U.S. economy and the stock-market swoon that has destroyed more than $3 trillion in paper wealth. The full effects of the slowdown have not spread to Canada and Mexico, the U.S. partners in the North American Free Trade Agreement, but they are still evident. In South America, Argentina has been engulfed by a paralyzing financial crisis that threatens the cohesion and possibly the fate of the Southern Cone trading...
...array of issues beyond the ken of most laypeople. And before the deals are reached - with four years to go before the FTAA deadline - uncertainty reigns. Hence the focus on disagreements, many of them vague and obscure, between the main regional trading blocs: NAFTA (total gross domestic product: $8.8 trillion) and Mercosur (total GDP: $1 trillion). The main anxiety is all too clear: fear of economic domination. In a hemispheric free-trade zone that includes the U.S., Canada and Mexico, predicts Josmar Verilla, vice president of the Brazilian Paper Producers Association, "we'll wind up in the meat grinder...
...Allianz's $21 billion purchase of Dresdner, Germany's third-largest bank, creates a $100 billion financial behemoth. With just short of $1 trillion in assets, Allianz becomes Europe's second-biggest asset manager. More important, the marriage of two of Germany's financial leaders will likely unleash a wave of consolidation, adding some welcome competition to Germany's overcrowded banking market...