Not Specified Yet (ACCORDING TO THE TOPIC CHOSEN BY THE WRITER) Essay

Not Specified Yet (ACCORDING TO THE TOPIC CHOSEN BY THE WRITER) - Essay Example Latin American free trade experience started in Mexico and spread out to Central and South America, and has included multiple negotiations between the United States and several countries. In this paper, I want to draw your attention into the United States-Colombia free trade agreement, its history, nature, and foundation. I will approach important data and the potential impact of this relationship; finally, I will explain different difficulties and areas of conflict that have emerged. An institution could be defined as rules, both formal and informal, that guide human activities within societies (North, Douglass 1990). An important institution is International Trade, which accelerates technological transference, competition, and productivity. The United States has put in place numerous trade agreements: the North American Free Trade Agreement (NAFTA), the Central America-Dominican Republic-United States Free Trade Agreement (CAFTA-DR), and various bilateral agreements (Australia, Chile, Israel, Jordan, Malaysia, etc). For years, Colombia has been an unconditional ally of the United States of America, and has exchanged various resources with its Northern partner. The Andean Trade Preference Act-ATPA was enacted in 1991, during Bush administration, to combat drug production and trafficking in 4 Andean countries: Bolivia, Colombia, Ecuador and Peru. It offered trade benefits to help these countries develop and strengthen legitimate industries (Office of the United States Trade Representative 2008). In 2002, the United States government extended trade preferences by a public law: the Andean Trade Promotion and Drug Eradication Act-ATPDEA, through which Latin American products and goods gained entrance without customs duties. According to the Office of the US Trade Representative, it â€Å"expanded trade benefits for