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Thursday, October 7, 2021

Sice Free Trade Agreements

They are based on assumptions that free trade and the abolition of investment rules will lead to economic growth, poverty reduction, improved living standards and employment opportunities. Bilateral free trade agreements (FTA) are concluded between two countries. Many governments around the world have signed, are negotiating or are considering new bilateral free trade and investment agreements. On November 3, twenty-two trade ministers and vice ministers met with representatives of organizations representing a section of civil society from across The Americas. The U.S. Civil Society Forum presented ministers with recommendations on topics such as foreign direct investment, labor standards, and poverty alleviation. Other free trade agreements, such as those negotiated by the United States, are much broader and cover other topics such as services and investment. These agreements are generally based on existing WTO agreements. They often aspire to go beyond what is stipulated in WTO rules. In December 1998, India and Sri Lanka signed a free trade agreement, with India agreeing to drop tariffs on a wide range of Sri Lankan products within three years, while Sri Lanka agreed to lift tariffs on Indian products for eight years. The FTAA is part of the summit process. If realized, the FTAA will be the largest free trade agreement in history, with an expected combined GDP of more than $9 trillion and a market of about 650 million people.

The objective of the conference was to examine critical issues for the WTO Millennium Negotiations; analyse the approach taken by the various subregional agreements in the hemisphere to the liberalization of services; and explore service discussions at the FTAA level. Topics covered included the public international legal order for private commercial arbitration, arbitration and other alternative dispute resolution, as well as differences in the perspectives of common and civil law, the development of arbitration agreements and the enforcement of arbitral awards within the hemisphere, the experience gained in the establishment of an arbitration centre and the work of the NAFTA Advisory Committee on the Private Sector D isputes. Since the 2008 financial crisis, there has been a trend towards mega-regional trade agreements. . . .

posted by Joe Schwartz - J. Schwartz,llc at 8:07 pm  

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