Our goal is to have the FTAA in place by 2005. Let me take a minute to talk about why the United States supports a Free Trade Area of the Americas. People who oppose the FTAA are concerned that American jobs will be moved overseas. The FTAA, however, is likely to increase American jobs by increasing exports. The FTAA will eliminate most tariffs, making it more profitable for American companies to export to the region.
More American exports means more American jobs.
Second, we can't ignore Latin America. Third, as growth rates increase and inflation falls, the demand for products and services amongst consumers in Latin America is increasing. Now, is the time to lock in our place in the new economy. If the U.S. doesn't take advantage of the growing Latin market, our competitors in Europe and Asia will. Fourth, free trade has non-economic benefits to the United States.