    [Public Papers of the Presidents of the United States: William J. Clinton (1994, Book II)]
    [December 10, 1994]
    [Page 2171]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Remarks Following the First Session of the Summit of the Americas
    in Miami
    December 10, 1994

        Good morning. We have just completed the first working session of
    our summit on trade and economic integration. We are off to an excellent
    start. The 34 democratically elected leaders of our hemisphere have
    agreed to establish a free trade area of the Americas. This historic
    step will produce real opportunities for more jobs and solid, lasting
    prosperity for our peoples.
        The agreement is specific and concrete. We have set the year 2005 as
    our deadline for negotiating a free trade area, and we have agreed that
    there will be real progress before the end of the century. The agreement
    will cover a comprehensive list of areas, from tariffs on goods to
    services to agricultural and intellectual property. We have set a highly
    detailed timetable that will include regular meetings of our ministers
    for trade. Talks will begin next month.
        In less than a decade, if current trends continue, this hemisphere
    will be the world's largest market, more than 850 million consumers
    buying $13 trillion worth of goods and services. When our work is done,
    the free trade area of the Americas will stretch from Alaska to
    Argentina. It is the key building block in our creation of a partnership
    for prosperity. It will build upon the many bilateral and multilateral
    agreements already existing between our nations.
        We want to replace the many conflicting and different trade and
    other regulatory agreements with one that is consistent, while making
    sure to assist smaller economies in transition. We will ask the
    Organization of American States and the Inter-American Development Bank
    to assist in this transition and integration. And we have pledged that
    our free trade area of the Americas will not raise new barriers to
    nations outside our region and will be fully consistent with the rules
    of the World Trade Organization. We have reaffirmed our commitment to
    make our individual trade and environmental policies mutually supportive
    and to further secure the observance and promotion of workers' rights.
        Let me emphasize, none of us--none of us--underestimates the hard
    work ahead. But from the leaders of our hemisphere's largest economies
    to the smallest, we believe the rewards will be great and very much
    worth the effort. We believe the agreement we have made today to launch
    the free trade area of the Americas will produce more jobs, higher
    incomes, and greater opportunities for all of our people.
        From here we're going to a working lunch, where we'll discuss issues
    affecting sustainable development. Our final session this afternoon will
    focus on the steps we will take to strengthen our democracies. I can
    think of no more appropriate way to end this day, the anniversary of the
    adoption of the Universal Declaration on Human Rights.
        Thank you very much.

    Note: The President spoke at 11:30 a.m. in the Gardens at Vizcaya.