Free Trade With Latin America Key to Economic Growth

WASHINGTON, D.C. - The United States Chamber of Commerce and the Association of American Chambers of Commerce in Latin America (AACCLA) today brought together the vice ministers of trade of all 34 Western Hemisphere nations currently engaged in negotiations to create a Free Trade Area of the Americas (FTAA). The encounter took place at a conference with business leaders throughout Central America who met in Managua, Nicaragua to discuss concrete ways to move the FTAA forward and to strengthen the investment climate in the region.

"It is more important than ever to improve economies in countries around the world, and that starts in the Americas," said Chamber Vice President for International Willard Workman. "We must continue our pursuit of free trade and help raise people out of poverty, generate wealth, clean up the environment, and spur democratic reforms worldwide."

In December 1994, at the first Summit of the Americas, the 34 democratically elected heads of state of the Western Hemisphere agreed to create a Free Trade Area of the Americas by 2005. The FTAA will eliminate trade and investment barriers on virtually all goods and services traded by member countries, reducing prices for consumers and creating new markets for producers throughout the hemisphere.

"In light of the recent terrorist attacks in the United States, it is more important than ever to find solutions that will improve economies around the world," continued Workman. "Increased free trade is the key to strengthening our global economy."

AACCLA represents the interests of 23 American Chambers of Commerce in 21 countries in Latin American and the Caribbean on issues of trade and investment. The 20,000 members of AACCLA manage over 80 percent of all U.S. investment in the region.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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