Abstract
AbstractThe second half of 2000 brought renewed interest to the Free Trade Agreement of the Americas (FTAA). This hemispheric economic integration initiative presents numerous opportunities and challenges for each of the 34 countries involved in unifying markets across the Americas. The North American Free Trade Agreement (NAFTA) and Mercosur, the region's two largest trading blocs, play a vital role in any attempt to integrate Latin American markets. Integration under Mercosur has strengthened the position of member countries—especially Brazil, which is a choice location for foreign direct investment and has realized a significant growth in extra‐Mercosur trade. The newly elected Mexican president, Vicente Fox, has demonstrated a strong desire to bring Mexico to the forefront of hemispheric trade negotiations and brings a new dynamic to integration of Latin American markets and to the FTAA initiative. This article elaborates on the role of the two largest Latin American economies and the United States in the creation and solidification of a hemispheric trading bloc in the Americas. © 2002 Wiley Periodicals, Inc.
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