Challenges to Economic Cooperation
Chapter 20: A Conversation with PETER DRYSDALE
Page 177 20 A Conversation with PETER DRYSDALE Q. Do you think that the Miami Initiative, that is, the conference in Miami of all nations in the North and South Americas (excepting Cuba), hosted by the United States, and the proposal for the Americas’ hemispheric free trade area, will have an impact on APEC? A. I think that the Miami Initiative of December 1994 is a continuation of the United States’ policy of encouraging economic liberalization in North America, and of broadening it towards the American hemisphere. The political objectives of the United States in the Americas is consistent with that. It is important in that context, but I do not think that it will have a powerful impact on what is going on in the AsiaPacific, especially in the context of APEC. If anything, it is reinforcing the agenda of trade liberalization, adopted at the APEC Summit at Bogor in November 1994. The Miami Conference points to, some might argue, an economic initiative that would lead to a redirection of North American attention to the creation of a broader hemispheric American free trade area. I think that is most unlikely. First of all, in the Americas, especially in Latin America, there are a number of countries not automatically fitting into the same framework of commitment to liberalization that there was in Mexico when it became a member of the North American Free Trade Area. Even in Chile, the most likely candidate to join NAFTA, there are serious reservations...
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