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Hemispheric Trade and Economic Integration After NAFTA Copyright The Competitiveness Center of Hudson Institute and The Fraser Institute www.fraserinstitute.org Hemispheric Trade and Economic Integration After NAFTA Proceedings of the Indianapolis Summit December 6-7, 1994 Edited by Richard Starr, Research Fellow The Competitiveness Center of Hudson Institute The Competitiveness Centre of Hudson Institute Indianapolis, Indiana and The Fraser Institute Vancouver, British Columbia Copyright The Competitiveness Center of Hudson Institute and The Fraser Institute www.fraserinstitute.org Copyright © 1995 by the Competitiveness Center of Hudson Institute and The Fraser Institute. All rights reserved. No part of this book may be reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles and reviews. The authors of this book have worked independently and opinions ex­ pressed by them, therefore, are their own, and do not necessarily reflect the opinions of Hudson Institute, its staff, its members, contracting agencies, or the Competitiveness Center, or the members or the trustees of The Fraser Institute. The Fraser Institute thanks the Lilly Endowment Inc. ofIndianapolis for their generous funding of this project. The Indianapolis Summit was sponsored by The Fraser Institute and The Competitiveness Center of Hudson Institute and was co-hosted by: Ameri­ can Enterprise Institute; Atlas Economic Research Foundation; The Brookings Institution; Centro de Estudios Publicos; Centro de Investigaciones Sobre la Libre Empresa; Columbus Group; Fundacion Libertad; Fundacion Republica; Institute for International Economics; and Instituto Libertad y Desarrollo. Printed in Canada. Canadian Cataloguing in Publication Data Indianapolis Summit (1994) Hemispheric trade and economic integration after NAFTA ISBN 0-88975-151-X 1. Western hemisphere-Economic integration-Congresses. 2. North America-Economic integration-Congresses. 3. South America-Economic integration-Congresses. 4. Foreign trade regulation-Congresses. I. Starr, Richard, 1961- II. Fraser Institute (Vancouver, B.C.) III. Title. HF1745.152 1995 382' .917 C95-910332-5 Copyright The Competitiveness Center of Hudson Institute and The Fraser Institute www.fraserinstitute.org Table of Contents Introduction Thomas J. Duesterberg ..................................................................................................................... 1 The Future of Hemispheric Free Trade Congressman Lee Hamilton ............................................................................................................ 11 Session 1 The NAFTA Treaty and the Question of Expansion: Views of the Negotiators Julius John Session 2: Economic Benefits of NAFTA and Hemispheric Integration Alan Reynolds Riordan Roett .................................................................................................................................. 47 Roberto Salinas-Leon ...................................................................................................................... 53 Sidney Weintraub............................................................................................................................ 65 Democracy and Free Trade in the Western Hemisphere Senator Richard Lue:ar ...... Session 3: Next Steps in Expanding NAFTA and Building Hemispheric Economic Integration: The View from Canada and the U.S. David Malpass ................................................................................................................................. 85 Jeffrey Schott ................................................................................................................................... 91 Ronald J. Wonnacott ....................................................................................................................... 97 Session 4: Next Steps in Expanding NAFTA and Building Hemispheric Economic Integration: The View from latin America Congressman Jose Maria Ibarbia .................................................................................................. 111 Cristian Larroulet. ......................................................................................................................... 125 Luis-Hernan The Economic Integration of Our Hemisphere Ambassador Everett Ellis Briggs ................................................................................................... 159 Stability and Security-Keys to Enhanced Trade in Latin America Ambassador Jon Glassman ............................................................................................................ 167 Session 5: Economic Integration: International Perspectives from the Media David Howard Banks ............................................................................................................................... 191 Peter Cook. .......... Session 6: Next Steps in the Business Community in Shaping and Promoting Economic Integration in the Hemisphere Harry Freeman.............................................................................................................................. 199 Victor Garcia Laredo ..................................................................................................................... 207 Timothy Page Copyright The Competitiveness Center of Hudson Institute and The Fraser Institute www.fraserinstitute.org Copyright The Competitiveness Center of Hudson Institute and The Fraser Institute www.fraserinstitute.org Introduction: The Promise of Hemispheric Economic Integration­ the 1994 Summit and Beyond THOMAS J. DUESTERBERG I. Background: The Historic Opportunity for Hemispheric Integration In 1967, President Lyndon Johnson attended the last formal summit of heads of state from the Western Hemisphere, which was held in Punta del Este. The signature policy achievement of that meeting was the commitment of Latin American nations, fully sup­ ported by the U.S., to build a "common market" for trade and eco­ nomic cooperation. President Johnson stated to his counterparts at the summit: " ... you will be forging a great new common mar­ ket-expanding your industrial base, increasing your participation in world trade, and broadening economic opportunity. I have already made my position clear to my Congress and my people: If Latin America decides to create a common market, I shall recommend a substantial contribution to a fund that would help ease the transition into an integrated regional economy." The solemn commitment taken in 1967 quickly faded into in­ action and disillusionment; national economies retreated into autarky behind high tariff barriers, and the standard ofliving in much of Latin American soon entered a period of long decline. Tension and Thomas J. Duesterberg is Director of the Competitiveness Center of Hudson Institute. Copyright The Competitiveness Center of Hudson Institute and The Fraser Institute www.fraserinstitute.org 2 The Indianapolis Summit misunderstanding between North and South replaced the hope of the Alliance for Progress. Now, 27 years later, the heads of state of 34 nations of the Western Hemisphere have met again. In Miami on December 9-10, they set out an ambitious agenda of economic integration. A great deal has changed since 1967, most notably the fact that nearly every country in the hemisphere is governed by some form of democracy, with the obvious exception of Cuba, which was not represented in Miami. The combination of democratization, increasing openness to global economic integration, and more effective domestic economic strategies has set the stage for greater optimism about achieving the objectives laid out in Miami in late 1994. Political and economic conditions in much of Latin America have changed dramatically since 1967, making it now possible to im­ prove economic well being throughout the hemisphere and build closer political ties grounded in mutual interest between North and South. The single most important change has been the remarkable shift toward free market economics and democracy since the mid- 1980s. Perhaps the most dramatic shift was in Mexico. Faced with economic stagnation and a crisis of confidence in both the economy and government, Mexico began to shed a century-old policy of pro­ tecting domestic markets and directing the economy from Mexico City. In its place have come deregulation, privatization of industry and services, free trade and deepening of democratic institutions. Mexico's new openness, symbolized by the North American Free Trade Agreement (NAFTA), exposes its developing industries, fi­ nancial markets and service providers to competition from Canada and the U.S. The results have been impressive. The Mexican economy produced strong and consistent growth from 1986 through 1994, re­ versed the flow of capital out of the country, and increased per capita income. Despite a setback at the end of 1994 due to difficulties in managing a substantial imbalance in the current account and the steady globalization of capital markets, Mexico's leaders remain committed to the economic strategies that set the stage for sustainable growth and led to NAFTA. Mexico has also built a network of free trade ties to other Latin American countries, and its example of economic decentrali- Copyright The Competitiveness Center of Hudson Institute and The Fraser Institute www.fraserinstitute.org Introduction 3 zation and free trade has proven successful enough to merit broad imitation. Chile had started on a similar path almost 20 years ago and is enjoying consistent growth
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