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Western Hemisphere Economic Integration


Author Info

  • Gary Clyde Hufbauer

    (Peterson Institute for International Economics)

  • Jeffrey J. Schott

    (Peterson Institute for International Economics)


The summit of the Americas hosted by President Clinton in December 1994 has given strong impetus to Western Hemisphere economic integration. This is the first comprehensive analysis of the economics and politics of a Western Hemisphere Free Trade Agreement. It has attracted considerable attention in business and policy circles throughout the hemisphere and is widely credited with having influenced the decision of the hemispheric heads of state to seek a free trade agreement by 2005. The US "sherpa" for the Summit, Assistant Secretary of State Alexander Watson, has described the book as the blueprint for US policy.The authors recommend that the NAFTA be extended to includeall of the countries in the region when and as they undertakethe economic and political reforms necessary to join. Theydevelop a set of readiness indicators to assess each country'spreparedness to join the NAFTA. The study approaches the subject from four perspectives: what trade issues the negotiations should cover;how the negotiations might be formally structured; whatimplications an agreement might hold for the multilateral trading system; and what the hemispheric agreement could mean for relations among Latin American countries and between them and countries inEurope and Asia.

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Bibliographic Info

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This book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: All Books with number 75 and published in 1994.

ISBN: 978-0-88132-159-3
Handle: RePEc:iie:ppress:75

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Cited by:
  1. Paulo D. Waquil & THOMAS L. COX, 1995. "Spatial Equilibrium with Intermediate Products: Implementation and Validation in the Mercosur," Wisconsin-Madison Agricultural and Applied Economics Staff Papers 388, Wisconsin-Madison Agricultural and Applied Economics Department.
  2. Richard E. Baldwin, 2006. "Multilateralising Regionalism: Spaghetti Bowls as Building Blocs on the Path to Global Free Trade," The World Economy, Wiley Blackwell, vol. 29(11), pages 1451-1518, November.
  3. Young, Linda M., 1999. "Prevalence And Reform Of State Trading Importers In World Grain Markets," Trade Research Center Research Discussion Papers 29241, Montana State University, Department of Agricultural Economics and Economics.
  4. Liliana Rojas-Suarez, 2002. "Towards a Sustainable FTAA: DOes Latin America Meet the Necessary Financial Preconditions?," Working Paper Series WP02-4, Peterson Institute for International Economics.
  5. Marin, L.R. & Epperson, James E. & Ames, Glenn C.W., 1998. "A Profile Of Firms Engaged In Fruit And Vegetable Trade Between The United States And Latin America," Journal of Food Distribution Research, Food Distribution Research Society, vol. 29(1), February.
  6. Wylie, Peter J., 1995. "Partial equilibrium estimates of manufacturing trade creation and diversion due to NAFTA," The North American Journal of Economics and Finance, Elsevier, vol. 6(1), pages 65-84.
  7. Vinokurov, Evgeny, 2010. "The System of Indicators of Eurasian Integration," MPRA Paper 22227, University Library of Munich, Germany.
  8. Vinokurov, Evgeny, 2009. "Systema Indikatorov Evraziyskoy Integracii
    [The System of Indicators of Eurasian Integration]
    ," MPRA Paper 20914, University Library of Munich, Germany.
  9. Wonnacott, Paul & Wonnacott, Ronald J., 1995. "Liberalization in the western hemisphere: New challenges in the design of a free trade agreement," The North American Journal of Economics and Finance, Elsevier, vol. 6(2), pages 107-119.
  10. Pooran Lall & David Norman & Allen Featherstone, 2003. "Determinants of US direct foreign investment in the Caribbean," Applied Economics, Taylor & Francis Journals, vol. 35(13), pages 1485-1496.
  11. Marin, Rebeca & Epperson, James E. & Ames, Glenn C.W., 1997. "A Probit Analysis of the Characteristics of Firms Engaged in the Fruit and Vegetable Trade Between the United States and Latin America," 1997 Annual Meeting, July 13-16, 1997, Reno\Sparks, Nevada 35767, Western Agricultural Economics Association.
  12. Taylor, Timothy G. & Melendez, Martha & Fairchild, Gary F., 1995. "Preferential Trading Arrangements In The Western Hemisphere," Journal of Food Distribution Research, Food Distribution Research Society, vol. 26(2), September.
  13. Dominique Hachette & Fernando Ossa & Francisco Rosende, 1996. "Aspectos Monetarios y Macroeconómicos de la Integración," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 33(98), pages 153-183.
  14. Paulo D. WAQUIL & Thomas L. COX, 1995. "Spatial Equilibrium With Intermediate Products: Implementation And Validation In The Mercosur," Staff Papers 388, University of Wisconsin Madison, AAE.


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