Abstract
As the year 2005 approaches, negotiations of what would be the largest free trade area on the globe, the FTAA, are entering the phase that will determine the architecture of Western Hemisphere trade. The underlying question in this article is the degree of trade liberalization that the FTAA could reach. Thus, this article first presents an overview of the structure of the negotiations, its principles, institutions and main events. Then it discusses some of the issues in the balance, including agricultural negotiations, modifications to the subsidies, antidumping and competition policy regimes, intellectual property rights, the regional application of the MFN principle as well as the interplay between the FTAA and other regional trade agreements. After presenting the main arguments of the key negotiating players, this article develops different scenarios, varying according to the degree of trade liberalization, which could be reached in each of the issues discussed
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