The major trade blocs (or agreements) in the region

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The major trade blocs (or agreements) in the region

Post by jancancook on Sat Nov 05, 2011 3:54 am

The major trade blocs (or agreements) in the region are the Union of South American Nations, composed of the integrated Mercosur and Andean Community of Nations (CAN). Minor blocs or trade agreements are the G3 Free Trade Agreement, the Dominican Republic Central America Free Trade Agreement (DR-CAFTA) and the Caribbean Community (CARICOM). However, major reconfigurations are taking place along opposing approaches to integration and trade; Venezuela has officially withdrawn from both the CAN and G3 and it has been formally admitted into the Mercosur (pending ratification from the Paraguayan legislature). The president-elect of Ecuador has manifested his intentions of following the same path. This bloc nominally opposes any Free Trade Agreement (FTA) with the United States, although Uruguay has manifested its intention otherwise. On the other hand, Mexico is a member of the North American Free Trade Agreement (NAFTA). Chile has already signed an FTA with Canada, and along with Peru are the only two South American nations that have an FTA with the United States. Colombia's government is currently awaiting its ratification by the U.S. Senate.



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