Free Trade Area of both Americas (FTAA) is an agreement, which was signed between American countries, regarding the abolition or limitation of customs barriers. The only American country that does not joined the FTAA is Cuba. Free Trade Area of the Americas was established on the model of previously created ree trade zone called NAFTA (North American Free Trade Agrement- North American Free Trade Agreement), which signed the United States, Canada and Mexico.
The initiator of the creation of the FTAA was the US president, Bill Clinton, who presented his project in 1988. Six years later, the idea has been clarified. According to the plans of the founders of the Free Trade Area of the Americas was to begin its work aat the end of 2005. These plans failed due to the strong opposition of the countries of South America, as well as the opposition of some conservative groups in the United States. Some provisions of the agreement are already being implemented, but others are still being negotiated. Full agreement would create the world's largest free trade area covering 34 countries and more than 800 million people, with an economic turnover exceeding 13 trillion dollars.
For the United States, the agreement is designed to enable economic development and ensure political stability in the region. Free Trade Area of the Americas is also a response to integration endeavors perceived in other parts of the world.