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World Trade BlocsApart from the global trading agreements, there are many regional trading blocs

designed for reducing protectionism and fostering world trade. Some of the trade blocsin the world are as follows:

1. European Free Trade Association (EFTA)

Countries such as United Kingdom, Austria, Denmark, Norway, Sweden, Portugal andSwitzerland joined for a better trade in the region in the year 1960. Under this EFTA

group they abolished all types of protectionism. In the year 1972 both UK and Denmark

abandoned their membership.

2. North American Free Trade Agreement (NAFTA)

NAFTA was started in the year 1988 with US-Canada free trade agreement. This was

further extended to include Mexico in 1994. NAFTA presently has extended to the LatinAmerican Countries.

3. Organization of Petroleum Exporting Countries (OPEC)

This was made by the petroleum producing countries in the year 1960.The membercountries of this group are Algeria, Ecuador, Gabon, Indonesia, Iran, Kuwait, Libya,

Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

4. Association of South East Asian Nations (ASEAN)

The member countries of ASEAN are Indonesia, Malaysia, Thailand, Philippines and

Singapore. This was formed in the year 1967. India is an associate member in the

group.

5. South Asian Association For Regional Cooperation (SAARC)

Countries such as India, Bangladesh, Pakistan, Nepal, Bhutan, Maldives and Sri Lanka

have formed SAARC with an objective of making better trade in the region.

Free Trade Blocs

In addition to the European Union there a number of other multi-national free trade blocs. NAFTA (NorthAmerican Free Trade Agreement), MERCOSUR and AFTA (ASEAN Free Trade Area) are the three largestafter the EU. Below is a brief description of these blocs.

NAFTA

NAFTA is a free trade agreement involving Canada, Mexico and the United States. Of the free trade unionsNAFTA is the most limited. It is restricted to eliminating tariffs, quotas and other trade impediments amongstthe three countries involved. It has no governing structure, although there are boards set up to settle agreements.

There is no common customs or tariff agreement for imported goods and services. No monetary union is in theworks and there is no movement to making education or training of professions similar as in the EU. Mostimportantly, there is no free movement of citizens allowed. It is a very powerful trade bloc, nonetheless,because of the economic and political power of the United States. It involves about the same number of citizensas the EU, about 400 million, but it has a slightly higher total GNP, about 9 trillion dollars. It should be notedthat NAFTA is in the process of becoming a free trade zone. It has not reached this goal entirely yet, as thereare a number of industries that still receive protection such as citrus, lumber, and Mexican petroleum. For a lookat the key provisions of NAFTA please look at a site maintained by the U.S. Embassy in Mexico.

MERCOSUR

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seems clear that in the foreseeable future Mexico will be home to many assembly industries that use low-costlabor. Automotive and computer parts are two that come to mind as well as textiles (clothing). Citrus andproduce might also be more likely to be grown in Mexico where the land is cheaper and winter freezes dontinterfere with growing seasons. Canadian and U.S. financial services and high-tech industries meanwhile arebeginning to dominate some markets in Mexico. A country that specializes is much the same as a person whospecializes. It becomes extremely good at what it does and therefore very productive. Productivity increasesincome.

Free trade zones also allow for economies of scale to take place. Canada might not have a large enough marketto justify the creation of company that puts communications satellites into orbit around the earth to providebetter Internet access. It might be able to do so if it can offer these services to consumers in Mexico and theUnited States. Similarly it may make sense to create a company that provides Internet access at $15 a monthunlimited use if the company can make a one dollar a month profit off each account--- if the customer base isover a million. Companies can get discounts if they buy in large quantities. These factors allow the costs ofproviding services or producing goods to come down, thus allowing for reductions in prices to consumers.

This leads to the next two advantages to free trade. It tends to increase income and employment in all of thecountries involved. Its easy to see how many jobs have been created in Mexico by NAFTA. Now and in the

future Mexicans will be receiving better employment opportunities by the factories that have been created byU.S. and Canadian firms seeking low-cost labor. As the income of Mexican workers has increased theirconsumption of goods and services produced in the U.S. and Canada has increased as well. U.S. banks,insurance companies, stockbrokerage firms and others have seen increases in purchases from Mexicanconsumers. More computers with processors and software made in the USA and Canada are being sold toMexico. This has increased employment in high-paying jobs in Canada and Mexico. Those who have receivedthese new jobs buy new homes, use more dry cleaning and home cleaning services. They frequent morerestaurants and buy more services from local businesses. All of these activities create other jobs. In short, allcountries tend to see an increase in income and employment over time.

These increases are not equal, however, some countries will benefit more than others in free trade agreements

Another advantage for consumers is that there is often a greater variety of goods and services available in freetrade blocs. Products like beer, detergent, clothing, and machine tools are often produced in all the countriesafter the free trade agreement they are often stocked in many stores. Products like satellite hook ups fortelevisions, computers and telephones are usually made more available to developing countries. Internet serviceproviders are now able to sell to larger markets and more consumers have opportunities to purchase or use theseservices.

A big advantage to poor countries in trade blocs is that they are usually recipients of large amounts of capitalinvestments made by the wealthier countries. New buildings, technology, and sophisticated equipment arecreated by foreign investors or by businesses from the more developed countries in the trade blocs. The flip side

to this is the opportunity for investment that the wealthier countries now have.

There are other long-term political and social benefits to trade blocs. As economies become more intertwinedthe political reasons for close cooperation within the bloc increase. Countries understand that they have a stakein each other and make greater efforts to get along. In that same vein, increased business contacts usually meanthat people must learn the culture of their trading partners. Many must learn new languages and differentbusiness practices. In short, more people will come into contact with each other and will need to learn moreabout each other. This breeds increased understanding amongst people

Possible Disadvantages to Free Trade Blocs

Possibly the greatest drawback to free-trade blocs is job and economic sector displacement. For many reasons,some industries will be shut down or forced to downsize because of increased competition from tradingpartners. These business sectors often employ large numbers of workers who find that their jobs no longer exist.This is an inevitable process in free-trade agreements. If some industries were not closed it would mean thatthere was little need for the agreement in the first place. The workers who lose their jobs are often without workfor an extended period and when they do find work it may well be at a lower wage.

The closing of factories that were their lifeblood has devastated some communities. In the United States, forexample, some automobile parts plants have moved to Mexico as have many textile factories in the southernstates. Soon the citrus industry in Florida will face increased competition from Mexico and eventually fromCentral America. It may well have to sell many groves and shut down citrus processing plants. Many Mexican

banks and insurance companies are now under pressure from northern financial institutions. Mexicans fear that

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large retail chains based in the USA will push many small family businesses out as they have done in theUnited States and Canada.

As stated above, this is an inevitable result of restructuring that occurs in free-trade pacts. This knowledge doesnot make it any easier for those who have lost their jobs or businesses, however.

The other major possible drawback to free-trade agreements is increased dependency. As countries become

more specialized they become more dependent on their trading partners. This means that each country losessome control over its economy or sovereignty. Decisions by foreign businesses can greatly affect domesticeconomies. Many are made uncomfortable knowing that most of their food is now grown in other countries. Astrike in automobile parts in Canada or Mexico can throw many thousands of U.S. workers out of work. If U.S.firms eventually supply most of the electrical power in northern Mexico what happens if there is a political riftbetween the two countries?

MERCOSUR countries were frightened by the near collapse of the Brazilian currency at the end of 1998. If theBrazilian economy went into a depression it would surely drag its trading partners along with it. The USA wentout of its way to bail out the Mexican peso in 1994-5. It also pushed the IMF to help. With NAFTA, the UnitedStates and Canada did not want to see Mexico sink economically.

Imagine what will happen to Mexico the next time the United States and Canada go into recessions?

Weaker economies in trade blocs clearly have the most to gainand to lose. They fear being swallowed by themore advanced countries. This is exactly what the Mexicans and Canadians fear about NAFTA. They fear thatthey will all eventually be working for Uncle Sams businesses. They may well be richer, but they will losecontrol of their economic lives.

There are also environmental concerns raised by these agreements. NAFTA, in particular, has little in it toprevent Mexican businesses from pouring their effluents into the water or air. Thus, as more manufacturingindustries shift to production in Mexico, pollution in North America might well increase. This has also put U.S.

and Canadian firms at a disadvantage when competing with Mexican firms since companies will have to pay forpollution control in the former countries and perhaps not in Mexico.

G8

"Group of Eight" redirects here. For the Australian league of universities, see Group of

Eight (Australian universities). For the Pontiac vehicle, see Pontiac G8. For other uses,

see G8 (disambiguation).

Group of Eight

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CanadaPrimeMinisterStephenHarperPresiden

t of theG8 for

2010

France

PresidentNicolasSarkozy

Germany

ChancellorAngelaMerkel

Italy

PrimeMinister

SilvioBerlusconi

Japan

PrimeMinisterYukioHatoyama

Russia

PresidentDmitryMedvedev

UnitedKingdom

PrimeMinisterGordon

BrownUnited States

PresidentBarackObama

Also represented

European

Union

PresidentJos ManuelBarroso

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The Group of Eight (G8, and formerly the G6 or Group of Six and also the G7 or Group of Seven) is aforum, created by France in 1975, for governments of six countries in the world: France, Germany, Italy, Japan,the United Kingdom, and the United States. In 1976, Canada joined the group (thus creating the G7). Inbecoming the G8, the group added Russia in 1997. In addition, the European Union is represented within theG8, but cannot host or chair.[1]"G8" can refer to the member states or to the annual summit meeting of the G8heads of government. The former term, G6, is now frequently applied to the six most populous countries within

the European Union. G8 ministers also meet throughout the year, such as the G7/8 finance ministers (who meetfour times a year), G8 foreign ministers, or G8 environment ministers.

Each calendar year, the responsibility of hosting the G8 rotates through the member states in the followingorder: France, United States, United Kingdom, Russia, Germany, Japan, Italy, and Canada. The holder of thepresidency sets the agenda, hosts the summit for that year, and determines which ministerial meetings will takeplace. Lately, both France and the United Kingdom have expressed a desire to expand the group to include fivedeveloping countries, referred to as the Outreach Five (O5) or the Plus Five: Brazil, China, India, Mexico, andSouth Africa. These countries have participated as guests in previous meetings, which are sometimes calledG8+5.

With the G-20 major economies growing in stature since the 2008 Washington summit, world leaders from thegroup announced at theirPittsburgh summit on September 25, 2009, that the group will replace the G8 as themain economic council of wealthy nations.[2][3]

Contents

[hide]

1 History 2 Structure and activities

o 2.1 Global energyo 2.2 The Annual Summit

3 G8 member facts 4 Cumulative influence of member nations 5 Criticism and demonstrations 6 See also 7 Footnotes 8 External links

History

At the 34th G8 Summit at Toyako, Hokkaido, formal photo during Tanabata matsurievent for world leaders Silvio Berlusconi (Italy), Dmitry Medvedev (Russia), Angela

Merkel (Germany), Gordon Brown (UK), Yasuo Fukuda (Japan), George W. Bush (U.S.),Stephen Harper (Canada), Nicolas Sarkozy (France), Jos Barroso (EU) July 7, 2008.

The concept of a forum for the world's major industrialized democracies emerged following the 1973 oil crisisand subsequent global recession. In 1974 the United States created the Library Group, an informal gathering ofsenior financial officials from the United States, the United Kingdom, West Germany, Japan and France. In1975, French President Valry Giscard d'Estaing invited the heads of government from West Germany, Italy,Japan, the United Kingdom and the United States to a summit in Chteau de Rambouillet. The six leadersagreed to an annual meeting organized under a rotating presidency, forming the Group of Six (G6). Thefollowing year, Canada joined the group at the behest of Germany's Chancellor Helmut Schmidt and U.S.PresidentGerald Ford[4] and the group became the 'Group of Seven' -or G7. The European Union is represented

by the President of the European Commission and the leader of the country that holds the Presidency of theCouncil of the European Union. The President of the European Commission has attended all meetings since itwas first invited by the United Kingdom in 1977[5] and the Council President now also regularly attends.

Following 1994's G7 summit in Naples, Russian officials held separate meetings with leaders of the G7 after thegroup's summits. This informal arrangement was dubbed the Political 8 (P8) or, colloquially, the G7+1. At theinvitation of United Kingdom Prime Minister Tony Blair and U.S. President Bill Clinton,[6] Russia formallyjoined the group in 1997, resulting in the Group of Eight, or G8.

Structure and activities

The G8 is intended to be an informal forum, and it therefore lacks an administrative structure like those forinternational organizations, such as the United Nations or the World Bank. The group does not have a

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permanent secretariat, or offices for its members. In 2008, the president of the European Union Commissionparticipated as an equal in all summit events.

The presidency of the group rotates annually among the member countries, with each new term beginning on 1January of the year. The country holding the presidency is responsible for planning and hosting a series ofministerial-level meetings, leading up to a mid-year summit attended by the heads of government.

The ministerial meetings bring together ministers responsible for various portfolios to discuss issues of mutualor global concern. The range of topics include health, law enforcement, labor, economic and socialdevelopment, energy, environment, foreign affairs, justice and interior, terrorism, and trade. There are also aseparate set of meetings known as the G8+5, created during the 2005 Gleneagles, Scotland summit, that isattended by finance and energy ministers from all eight member countries in addition to the five "OutreachCountries": Brazil,China, India, Mexico, and South Africa.

In June 2005, justice ministers and interior ministers from the G8 countries agreed to launch an internationaldatabase on pedophiles.[7] The G8 officials also agreed to pool data on terrorism, subject to restrictions byprivacy and security laws in individual countries.[8]

Global energyMain articles: International Partnership for Energy Efficiency Cooperation andClimate Investment

Funds

G8 leaders confer together during the 2009 summit in L'Aquila (Abruzzo, Italy).

At the Heiligendamm Summit in 2007, the G8 acknowledged a proposal from the EU for a worldwide initiativeon energy efficiency. They agreed to explore, along with the International Energy Agency, the most effectivemeans to promote energy efficiency internationally. A year later, on 8 June 2008, the G8 along with China,India, South Korea and the European Community established the International Partnership for EnergyEfficiency Cooperation, at the Energy Ministerial meeting hosted by Japan holding 2008 G8 Presidency, in

Aomori.[9]

G8 Finance Ministers, whilst in preparation for the 34th Summit of the G8 Heads of State and Government inToyako, Hokkaido, met on the 13 and 14 June 2008, in Osaka, Japan. They agreed to the G8 Action Plan forClimate Change to Enhance the Engagement of Private and Public Financial Institutions. In closing, Ministerssupported the launch of new Climate Investment Funds (CIFs) by the World Bank, which will help existingefforts until a new framework under the UNFCCCis implemented after 2012.[10]

The Annual Summit

The annual G8 leaders summit is attended by eight of the world's most powerful heads of government.

However, as noted by commentators the G-8 summit is not the place to flesh out the details of any difficult orcontroversial policy issue in the context of a three-day event. Rather, the meeting is to bring a range of complexand sometimes inter-related issues. The G8 summit brings leaders together not so they can dream up quickfixes, but to talk and think about them together.[11]

The G8 summit is an international event which is observed and reported by news media, but the G8's relevanceis unclear.[12] The member country holding the G8 presidency is responsible for organising and hosting theyear's summit, held for three days in mid-year; and for this reason, Tony Blair and the United Kingdomaccumulated the lion's share of the credit for what went right (and wrong) at Gleneagles in 2005. Similarly,Yasuo Fukuda and Japan hope to garner the greater part of the credit for what went well (and what did not) atthe Hokkaido Summit in 2008.

Each of the 35 G8 summit meetings could have been called a success if the events had been re-framed as venuesto generate additional momentum for solving problems at the other multilateral conferences that meetthroughout the year. The G8 summit sets the stage for what needs to be done and establishes an idea of how todo it, even if that idea is, at best, rough and patchy.[11]

The summits have also been the site of numerous, large-scaleanti-globalizationprotests.

Date Host country Host leader Location held Website Notes

1st November 1517, 1975 France Valry Giscard d'Estaing Rambouillet

G6 Summit

2nd June 2728, 1976 United States Gerald R. Ford Dorado, Puerto RicoCanada joins the group, forming the G7

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http://en.wikipedia.org/wiki/G8%2B5http://en.wikipedia.org/wiki/Gleneagleshttp://en.wikipedia.org/wiki/Scotlandhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/People's_Republic_of_Chinahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/Pedophilehttp://en.wikipedia.org/wiki/Pedophilehttp://en.wikipedia.org/wiki/G8#cite_note-pedophile-6http://en.wikipedia.org/wiki/G8#cite_note-pedophile-6http://en.wikipedia.org/wiki/Terrorismhttp://en.wikipedia.org/wiki/G8#cite_note-terrorismdata-7http://en.wikipedia.org/wiki/International_Partnership_for_Energy_Efficiency_Cooperationhttp://en.wikipedia.org/wiki/Climate_Investment_Fundshttp://en.wikipedia.org/wiki/Climate_Investment_Fundshttp://en.wikipedia.org/wiki/35th_G8_summithttp://en.wikipedia.org/wiki/L'Aquilahttp://en.wikipedia.org/wiki/Abruzzohttp://en.wikipedia.org/wiki/Italyhttp://en.wikipedia.org/wiki/33rd_G8_summithttp://en.wikipedia.org/wiki/EUhttp://en.wikipedia.org/wiki/Energy_efficiencyhttp://en.wikipedia.org/wiki/International_Energy_Agencyhttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/European_Communityhttp://en.wikipedia.org/wiki/International_Partnership_for_Energy_Efficiency_Cooperationhttp://en.wikipedia.org/wiki/International_Partnership_for_Energy_Efficiency_Cooperationhttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Aomorihttp://en.wikipedia.org/wiki/G8#cite_note-8http://en.wikipedia.org/wiki/G8#cite_note-8http://en.wikipedia.org/wiki/34th_G8_summithttp://en.wikipedia.org/wiki/Toyako,_Hokkaidohttp://en.wikipedia.org/wiki/Osaka,_Japanhttp://en.wikipedia.org/wiki/Climate_Investment_Fundshttp://en.wikipedia.org/wiki/World_Bankhttp://en.wikipedia.org/wiki/UNFCCChttp://en.wikipedia.org/wiki/UNFCCChttp://en.wikipedia.org/wiki/G8#cite_note-9http://en.wikipedia.org/wiki/G8#cite_note-feldman1-10http://en.wikipedia.org/wiki/G8#cite_note-11http://en.wikipedia.org/wiki/G8#cite_note-feldman1-10http://en.wikipedia.org/wiki/Anti-globalizationhttp://en.wikipedia.org/wiki/Anti-globalizationhttp://en.wikipedia.org/wiki/Anti-globalizationhttp://en.wikipedia.org/wiki/1st_G6_summithttp://en.wikipedia.org/wiki/Francehttp://en.wikipedia.org/wiki/Val%C3%A9ry_Giscard_d'Estainghttp://en.wikipedia.org/wiki/Rambouillethttp://en.wikipedia.org/wiki/2nd_G7_summithttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Gerald_R._Fordhttp://en.wikipedia.org/wiki/Dorado,_Puerto_Ricohttp://en.wikipedia.org/wiki/Puerto_Ricohttp://en.wikipedia.org/wiki/G8%2B5http://en.wikipedia.org/wiki/Gleneagleshttp://en.wikipedia.org/wiki/Scotlandhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/People's_Republic_of_Chinahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Mexicohttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/Pedophilehttp://en.wikipedia.org/wiki/G8#cite_note-pedophile-6http://en.wikipedia.org/wiki/Terrorismhttp://en.wikipedia.org/wiki/G8#cite_note-terrorismdata-7http://en.wikipedia.org/wiki/International_Partnership_for_Energy_Efficiency_Cooperationhttp://en.wikipedia.org/wiki/Climate_Investment_Fundshttp://en.wikipedia.org/wiki/Climate_Investment_Fundshttp://en.wikipedia.org/wiki/35th_G8_summithttp://en.wikipedia.org/wiki/L'Aquilahttp://en.wikipedia.org/wiki/Abruzzohttp://en.wikipedia.org/wiki/Italyhttp://en.wikipedia.org/wiki/33rd_G8_summithttp://en.wikipedia.org/wiki/EUhttp://en.wikipedia.org/wiki/Energy_efficiencyhttp://en.wikipedia.org/wiki/International_Energy_Agencyhttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/European_Communityhttp://en.wikipedia.org/wiki/International_Partnership_for_Energy_Efficiency_Cooperationhttp://en.wikipedia.org/wiki/International_Partnership_for_Energy_Efficiency_Cooperationhttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Aomorihttp://en.wikipedia.org/wiki/G8#cite_note-8http://en.wikipedia.org/wiki/34th_G8_summithttp://en.wikipedia.org/wiki/Toyako,_Hokkaidohttp://en.wikipedia.org/wiki/Osaka,_Japanhttp://en.wikipedia.org/wiki/Climate_Investment_Fundshttp://en.wikipedia.org/wiki/World_Bankhttp://en.wikipedia.org/wiki/UNFCCChttp://en.wikipedia.org/wiki/G8#cite_note-9http://en.wikipedia.org/wiki/G8#cite_note-feldman1-10http://en.wikipedia.org/wiki/G8#cite_note-11http://en.wikipedia.org/wiki/G8#cite_note-feldman1-10http://en.wikipedia.org/wiki/Anti-globalizationhttp://en.wikipedia.org/wiki/1st_G6_summithttp://en.wikipedia.org/wiki/Francehttp://en.wikipedia.org/wiki/Val%C3%A9ry_Giscard_d'Estainghttp://en.wikipedia.org/wiki/Rambouillethttp://en.wikipedia.org/wiki/2nd_G7_summithttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Gerald_R._Fordhttp://en.wikipedia.org/wiki/Dorado,_Puerto_Ricohttp://en.wikipedia.org/wiki/Puerto_Rico

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3rd May 78, 1977 United Kingdom James Callaghan LondonPresident of the European Commission is invited to join the annual G-7 summits

4th July 1617, 1978 West Germany Helmut Schmidt Bonn, North Rhine-Westphalia

5th June 2829, 1979 Japan Masayoshi hira Tokyo

6th June 2223, 1980 Italy Francesco Cossiga Venice

7th July 2021, 1981 Canada Pierre E. Trudeau Montebello, Quebec

8th June 46, 1982 France Franois Mitterrand Versailles

9th May 2830, 1983 United States Ronald Reagan Williamsburg, Virginia

10th June 79, 1984 United Kingdom Margaret Thatcher London

11th May 24, 1985 West Germany Helmut Kohl Bonn, North Rhine-Westphalia

12th May 46, 1986 Japan Yasuhiro Nakasone Tokyo

13th June 810, 1987 Italy Amintore Fanfani Venice

14th June 1921, 1988 Canada Brian Mulroney Toronto

15th July 1416, 1989 France Franois Mitterrand Paris

16th July 911, 1990 United States George H. W. Bush Houston,Texas

17th July 1517, 1991 United Kingdom John Major London

18th July 68, 1992 Germany Helmut Kohl Munich, Bavaria

19th July 79, 1993 Japan Kiichi MiyazawaTokyo

20th July 810, 1994 Italy Silvio Berlusconi Naples

21st June 1517, 1995 Canada Jean Chrtien Halifax, Nova Scotia [1]

22ndJune 2729, 1996 France Jacques ChiracLyon International organizations'debut to G8 Summits periodically. The invited ones here were: United Nations, WorldBank, International Monetary Fund and the World Trade Organization.[13]

23rdJune 2022, 1997 United States Bill Clinton Denver, Colorado [14]

Russia joins the group, forming G8

24th May 1517, 1998 United Kingdom Tony Blair Birmingham, England[15]

25thJune 1820, 1999 Germany Gerhard Schrder Cologne, North Rhine-Westphalia [16] First Summit of the G-20 major economies at Berlin

26thJuly 2123, 2000 Japan Yoshiro Mori Nago, Okinawa[17] Formation of theG8+5 starts, when South Africa was invited. Since then, it has been invited to theSummit annually without interruption. Also, with permission from a G8 leader, othernations were invited to the Summit on a periodical basis for the first time. Nigeria,Algeria and Senegal accepted their invitations here. The World Health Organization wasalso invited for the first time, too.[13]

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p://en.wikipedia.org/wiki/Berlinhttp://en.wikipedia.org/wiki/26th_G8_summithttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Yoshiro_Morihttp://en.wikipedia.org/wiki/Nago,_Okinawahttp://en.wikipedia.org/wiki/Okinawahttp://en.wikipedia.org/wiki/G8#cite_note-16http://en.wikipedia.org/wiki/G8%2B5http://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/Algeriahttp://en.wikipedia.org/wiki/Senegalhttp://en.wikipedia.org/wiki/World_Health_Organizationhttp://en.wikipedia.org/wiki/G8#cite_note-G8_paper-12http://en.wikipedia.org/wiki/3rd_G7_summithttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/James_Callaghanhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/President_of_the_European_Commissionhttp://en.wikipedia.org/wiki/European_Union_and_the_G8http://en.wikipedia.org/wiki/4th_G7_summithttp://en.wikipedia.org/wiki/West_Germanyhttp://en.wikipedia.org/wiki/Helmut_Schmidthttp://en.wikipedia.org/wiki/Bonnhttp://en.wikipedia.org/wiki/North_Rhine-Westphaliahttp://en.wikipedia.org/wiki/North_Rhine-Westphaliahttp://en.wikipedia.org/wiki/5th_G7_summithttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Masayoshi_%C5%8Chirahttp://en.wikipedia.org/wiki/Tokyohttp://en.wikipedia.org/wiki/6th_G7_summithttp://en.wikipedia.org/wiki/Italyhttp://en.wikipedia.org/wiki/Francesco_Cossigahttp://en.wikipedia.org/wiki/Venicehttp://en.wikipedia.org/wiki/7th_G7_summithttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/Pierre_E._Trudeauhttp://en.wikipedia.org/wiki/Montebello,_Quebechttp://en.wikipedia.org/wiki/Quebechttp://en.wikipedia.org/wiki/8th_G7_summithttp://en.wikipedia.org/wiki/Francehttp://en.wikipedia.org/wiki/Fran%C3%A7ois_Mitterrandhttp://en.wikipedia.org/wiki/Versailleshttp://en.wikipedia.org/wiki/9th_G7_summithttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Ronald_Reaganhttp://en.wikipedia.org/wiki/Williamsburg,_Virginiahttp://en.wikipedia.org/wiki/Virginiahttp://en.wikipedia.org/wiki/10th_G7_summithttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Margaret_Thatcherhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/11th_G7_summithttp://en.wikipedia.org/wiki/West_Germanyhttp://en.wikipedia.org/wiki/Helmut_Kohlhttp://en.wikipedia.org/wiki/Bonnhttp://en.wikipedia.org/wiki/North_Rhine-Westphaliahttp://en.wikipedia.org/wiki/North_Rhine-Westphaliahttp://en.wikipedia.org/wiki/12th_G7_summithttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Yasuhiro_Nakasonehttp://en.wikipedia.org/wiki/Tokyohttp://en.wikipedia.org/wiki/13th_G7_summithttp://en.wikipedia.org/wiki/Italyhttp://en.wikipedia.org/wiki/Amintore_Fanfanihttp://en.wikipedia.org/wiki/Venicehttp://en.wikipedia.org/wiki/14th_G7_summithttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/Brian_Mulroneyhttp://en.wikipedia.org/wiki/Torontohttp://en.wikipedia.org/wiki/15th_G7_summithttp://en.wikipedia.org/wiki/Francehttp://en.wikipedia.org/wiki/Fran%C3%A7ois_Mitterrandhttp://en.wikipedia.org/wiki/Parishttp://en.wikipedia.org/wiki/16th_G7_summithttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/George_H._W._Bushhttp://en.wikipedia.org/wiki/Houstonhttp://en.wikipedia.org/wiki/Texashttp://en.wikipedia.org/wiki/17th_G7_summithttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/John_Majorhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/18th_G7_summithttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Helmut_Kohlhttp://en.wikipedia.org/wiki/Munichhttp://en.wikipedia.org/wiki/Bavariahttp://en.wikipedia.org/wiki/19th_G7_summithttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Kiichi_Miyazawahttp://en.wikipedia.org/wiki/Tokyohttp://en.wikipedia.org/wiki/20th_G7_summithttp://en.wikipedia.org/wiki/Italyhttp://en.wikipedia.org/wiki/Silvio_Berlusconihttp://en.wikipedia.org/wiki/Napleshttp://en.wikipedia.org/wiki/21st_G7_summithttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/Jean_Chr%C3%A9tienhttp://en.wikipedia.org/wiki/Halifax_Regional_Municipalityhttp://en.wikipedia.org/wiki/Nova_Scotiahttp://www.chebucto.ns.ca/Current/HalifaxSummitG7/http://en.wikipedia.org/wiki/22nd_G7_summithttp://en.wikipedia.org/wiki/Francehttp://en.wikipedia.org/wiki/Jacques_Chirachttp://en.wikipedia.org/wiki/Lyonhttp://en.wikipedia.org/wiki/International_organizationhttp://en.wikipedia.org/wiki/United_Nationshttp://en.wikipedia.org/wiki/World_Bank_Grouphttp://en.wikipedia.org/wiki/World_Bank_Grouphttp://en.wikipedia.org/wiki/International_Monetary_Fundhttp://en.wikipedia.org/wiki/World_Trade_Organizationhttp://en.wikipedia.org/wiki/G8#cite_note-G8_paper-12http://en.wikipedia.org/wiki/23rd_G8_summithttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Bill_Clintonhttp://en.wikipedia.org/wiki/Denverhttp://en.wikipedia.org/wiki/Coloradohttp://en.wikipedia.org/wiki/G8#cite_note-13http://en.wikipedia.org/wiki/24th_G8_summithttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Tony_Blairhttp://en.wikipedia.org/wiki/Birminghamhttp://en.wikipedia.org/wiki/Englandhttp://en.wikipedia.org/wiki/G8#cite_note-14http://en.wikipedia.org/wiki/25th_G8_summithttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Gerhard_Schr%C3%B6derhttp://en.wikipedia.org/wiki/Colognehttp://en.wikipedia.org/wiki/North_Rhine-Westphaliahttp://en.wikipedia.org/wiki/North_Rhine-Westphaliahttp://en.wikipedia.org/wiki/G8#cite_note-15http://en.wikipedia.org/wiki/G-20_major_economieshttp://en.wikipedia.org/wiki/Berlinhttp://en.wikipedia.org/wiki/26th_G8_summithttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Yoshiro_Morihttp://en.wikipedia.org/wiki/Nago,_Okinawahttp://en.wikipedia.org/wiki/Okinawahttp://en.wikipedia.org/wiki/G8#cite_note-16http://en.wikipedia.org/wiki/G8%2B5http://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/Nigeriahttp://en.wikipedia.org/wiki/Algeriahttp://en.wikipedia.org/wiki/Senegalhttp://en.wikipedia.org/wiki/World_Health_Organizationhttp://en.wikipedia.org/wiki/G8#cite_note-G8_paper-12

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27thJuly 2022, 2001 Italy Silvio Berlusconi Genoa [18] Leaders fromBangladesh, Mali and El Salvador accepted their invitations here.[13] Demonstrator CarloGiuliani is shot and killed by police during a violent demonstration.

28thJune 2627, 2002 Canada Jean Chrtien Kananaskis, Alberta [19] Russiagains permission to officially host a G8 Summit.

29thJune 23, 2003 France Jacques Chiracvian-les-Bains [2] The G8+5was unofficiallymade, when China, India, Brazil, and Mexico were invited to this Summitfor the first time. South Africa has joined the G8 Summit since 2000. Other first-timenations that were invited by the French president included: Egypt, Morocco, SaudiArabia, Malaysia and Switzerland.[13]

30thJune 810, 2004 United States George W. Bush Sea Island,Georgia [20] A record number of leaders from 12 different nations acceptedtheir invitations here. Amongst a couple of veteran nations, the others were: Ghana,

Afghanistan, Bahrain, Iraq,Jordan,Turkey,Yemen and Uganda.[13]

31stJuly 68, 2005 United Kingdom Tony Blair Gleneagles, Scotland[21] The G8+5 was officially formed. On the second day of the meeting,

suicide bombers killed over 50 people on the London Underground and a bus. Nationsthat were invited for the first time were Ethiopia andTanzania. The African Union and theInternational Energy Agency made their debut here.[13]

32ndJuly 1517, 2006 Russia Vladimir Putin Strelna, St. Petersburg [3] First G8Summit on Russian soil. Also, the International Atomic Energy Agency and UNESCO made theirdebut here.[13]

33rd June 68, 2007 Germany Angela Merkel Heiligendamm, Mecklenburg-Vorpommern[4] Seven different international organizations accepted their invitations to this

Summit. The Organisation for Economic Co-operation and Development and the Commonwealthof Independent States made their debut here.[13]

34th July 79, 2008 Japan Yasuo Fukuda Toyako (Lake Toya), Hokkaido [22]

Nations that accepted their G8 Summit invitations for the first time are: Australia, Indonesiaand South Korea.[13]

35th July 810, 2009 Italy Silvio Berlusconi L'Aquila, Abruzzo [5] ThisG8 Summit was originally planned to be in La Maddalena (Sardinia), but was moved to L'Aquilaas a way of showing Prime Minister Berlusconi's desire to help the region in and around L'Aquilaafter the earthquake that hit the area on the April 6th, 2009. Nations that accepted theirinvitations for the first time were: Angola, Denmark, Netherlands and Spain.[23] A record of TEN(10) international organizations were represented in this G8 Summit. For the first time, the Foodand Agriculture Organization, the International Fund for Agricultural Development, the WorldFood Programme, and the International Labour Organization accepted their invitations.[24]

36th June 2527, 2010[25] Canada Stephen Harper Huntsville, Ontario[26] [6] Possible finalG8 Summit to be held.

37th 2011 France TBD

G8 member facts

All eight of the G8 countries are amongst the ten (10) top-ranked leading export countries. [27] The UK, the USA,Canada, France, Germany, Italy have nominal per capita GDP over US$35,000.[28] Some of the world's twenty(20) largest stock exchanges by market value are in G8 countries [29] (U.S., Japan, UK, France, Canada,Germany). The G8 countries represent 7 of the 9 largest economies by nominal GDP [30](Russia isn't one of the9 largest economies by nominal GDP but has the 7th largest real GDP; Canada was 8th in 2006 but in 2007 itlost 8th place to Spain, as it did in 2003,[30] prompting the previous government headed by Jos Mara Aznarto

request Spain's entrance in the G8). Spain is neither a member by itself of the G-20 major economies, too.

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ikipedia.org/wiki/World_Food_Programmehttp://en.wikipedia.org/wiki/World_Food_Programmehttp://en.wikipedia.org/wiki/International_Labour_Organizationhttp://en.wikipedia.org/wiki/G8#cite_note-23http://en.wikipedia.org/wiki/36th_G8_summithttp://en.wikipedia.org/wiki/G8#cite_note-24http://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/Stephen_Harperhttp://en.wikipedia.org/wiki/Huntsville,_Ontariohttp://en.wikipedia.org/wiki/G8#cite_note-25http://g8.gc.ca/home/http://en.wikipedia.org/wiki/37th_G8_summithttp://en.wikipedia.org/wiki/Francehttp://en.wikipedia.org/wiki/To_be_determinedhttp://en.wikipedia.org/wiki/G8#cite_note-26http://en.wikipedia.org/wiki/G8#cite_note-27http://en.wikipedia.org/wiki/G8#cite_note-28http://en.wikipedia.org/wiki/G8#cite_note-en.wikipedia.org-29http://en.wikipedia.org/wiki/G8#cite_note-en.wikipedia.org-29http://en.wikipedia.org/wiki/Jos%C3%A9_Mar%C3%ADa_Aznar

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The 2nd and 3rd largest oil producers (USA and Russia) and the country with the 2nd largest reserves(Canada) are in the G8.[31] Seven of the nine largest nuclear energy producers are in the G8 [32] (USA, France,Japan, Russia, Germany, Canada, UK). The 7 largest donors to the UN budget for the 2009 annual fiscal yearare in the G8[33] (U.S., Japan, Germany, UK, France, Italy, Canada). The G8 and the G8+5 (minus Mexico)make up almost all of the 12-nation "trillion dollar club of nations".Spain is the only non-G8 and non-G20major economy nation that has a nominal GDP of over USD $1 trillion.

Cumulative influence of member nationsStephen Harper and Nicolas Sarkozy, the 36th and 37th chairs of the G8 Summit

Together the eight countries making up the G8 represent about 14% of the world population, but they representabout 60% of the Gross World Product[34] as measured by gross domestic product, all 8 nations being within thetop 12 countries according to the CIA World Factbook. (see the CIA World Factbook column in List ofcountries by GDP (nominal)), the majority of global military power(seven are in the top 8 nations for militaryexpenditure[35]), and almost all of the world's active nuclear weapons.[36] In 2007, the combined G8 militaryspending was US$850 billion. This is 72% of the world's total military expenditures. (see List of countries andfederations by military expenditures) Four of the G8 members, the United Kingdom, United States of America,France and Russia, together account for 9699% of the world's nuclear weapons.[37](see List of states with

nuclear weapons)

Criticism and demonstrations

20 July 2001, 27th G8 summit in Genoa, Italy: Protestors burn a police vehicle which wasabandoned by police during a clash with protestors.

As the annual summits are extremely high profile, they are subject to extensive lobbying by advocacy groupsand street demonstrations by activists.

The most widespread criticisms centre on the assertion that members of G8 are responsible for global problems

such as poverty in Africa and developing countries - through debt and trade policy; global warming - due tocarbon dioxide emissions; and the AIDS problem - due to strict medicinepatentpolicy and other issues relatedto globalization. During the 31st G8 summit in Scotland, 225,000 people took to the streets of Edinburgh as partof the Make Poverty History campaign calling for Trade Justice, Debt Relief and Better Aid. Numerous otherdemonstrations also took place challenging the legitimacy of the G8.[38]

One of the largest and most violent anti-globalization movement protests occurred for the 27th G8 summit.[39]

Following those events and the September 11, 2001 attacks two months later, the G8 have met at more remotelocations. The 7 July 2005 London bombings were timed to coincide with the 31st G8 summit in Scotland.

The group has also been criticized for its membership, which critics argue has now become unrepresentative of

the world's most powerful economies. In particular, China has recently surpassed every economy except theUnited States and Japan. Canada has been in recent years overtaken by Brazil and Spain by nominal GDP.Russia now has a nominal GDP in the top eight (8) in the world by the International Monetary Fund and theCIA World Factbook for 2008 [Ninth (9th), according to the World Bank].

Timothy Geithner, the US Treasury Secretary, has said: "We are committed to reforming the internationalsystem and our interests are best served by giving China a stake in the process. We would like to build withChina the kind of relationship we had with the G-7

Asean+6 to create world's biggest economic bloc

Asean and its six major trading partners yesterday reaffirmed their resolve to createthe world's largest economic bloc through the "East Asia Free Trade Agreement"

and "Comprehen-sive Economic Partnership in East Asia" within 15 years.

The consensus to move forward with economic integration was a successful climax to the four-dayAsean Economic Ministers (AEM) meeting under Asean+3 (China, Japan and South Korea) andAsean+6 (Asean+3 and India, Australia and New Zealand).

The 16 member countries will lead the region to pass the US and European Union in becomingindependent economic zones. The achievement in the future will not only strengthen their regionaltrade relations but also wean them from imports from outside the region.

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A senior trade negotiator said Asean's integration with East Asian countries will force the EuropeanUnion to rush to clinch bilateral pacts with individual Asean members for fear of losing benefits afterthe world's largest free trade agreement in East Asia was established.

During the AEM meeting, three other milestones were achieved - the Asean-India Free TradeAgreement, Asean-China Investment Agreement, and the completion of the Asean-South Korea FreeTrade Agreement after both sides reached an understanding on rules of origin for trade in goods.

As chairwoman of the AEM meeting, Commerce Minister Porntiva Nakasai said it was a significantstep for Asean to move forward with "economic integration in the East Asia region".

The outcome of this meeting will be forwarded to the October summit ofAsean leaders in PrachuapKhiri Khan's beach resort town of Cha-Am, she said.

The CEPEA will form the largest economic region with 3 billion people, accounting for 49.6 per centof the world's population, and sharing 26 per cent of the world's GDP.

According to a study by the Economic Research Institute for Asean and East Asia, liberalising trade

in the 16 countries will increase their GDP by 1.3 percentage points. For Asean alone, GDP will soarby 3.83 percentage points, while Thailand will welcome a boost of 4.78 percentage points.

For EAFTA, the GDP of members would increase by 1.2 percentage points. Aseanwould benefit morethan Asean+3 with even higher GDP growth of 3.6 percentage points while China, South Korea andJapan will rise by 0.9 percentage point on the average. Thailand's GDP would get a lift of 4.5percentage points.

Commerce Ministry spokesman Krisda Piampon-gsant said Asean has been taking a step-by-stepapproach to opening trade with those major partners. So far, it has completed the priority task of freetrade agreements, called Asean+1, namely Asean-Japan, Asean-China, Asean-South Korea, Asean-

Australia-New Zealand, and Asean-India.

The second priority is to aggressively move toward Asean's goal of stitching together an AseanEconomic Community by 2015. Then it will cement economic cooperation with China, South Koreaand Japan before moving toward becoming the largest world's free trade area through CEPEA.

"What we are doing, the economic integration and free trade agreement with those major tradingpartners will boost the economy of the members and we expect their economies will recover by nextyear," he said.

New Zealand Trade Minister Tim Groser told the joint press conference on Saturday that this AEM

meeting had provided for a very constructive dialogue.

"All members should work toward the goal. We're now moving forward in the right direction," Groser

What is OPEC?

The Organization of the Petroleum Exporting Countries(OPEC) was created in 1960 to unify andprotect the interests of oil-producing countries. OPEC allows oil-producing countries to guaranteetheir income by coordinating policies and prices among them. This unified front was created primarilyin response to the efforts of Western oil companies to drive oil prices down. The original members ofOPEC included Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. OPEC has since expanded to

include seven more countries (Algeria, Angola, Indonesia, Libya, Nigeria, Qatar, and United ArabEmerates) making a total membership of 12.

OPEC represents a considerable political and economical force. Two-thirds of the oil reserves in theworld belong to OPEC members; likewise, OPEC members are responsible for half of the world's oilexports. The fact that OPEC controls the availability of a substance so universally sought after bymodern society renders the organization a force to be reckoned with.

The first display of the effect OPEC power could have on the world's politics was in the 1970s. Whenthe Yom KippurWar exploded in the Middle East, the United States assisted Israel in defending itselfagainst the Egyptian and Syrian armies. In what may have been a response to this interference in the

war, OPEC instituted an oil embargo that targeted the United States and its European allies. Theembargo lasted from October 19, 1973 to March 17, 1974.

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The effects of the OPEC oil embargo were widespread. Immediate effects included inflation andeconomic recession in the United States and other countries targeted by the embargo. Car owners inthe United States were restricted to specific days on which they could purchase gasoline: even datesfor cars with even-numbered license plates, and odd dates for cars with odd-numbered license plates.

A national law introducing more restrictive speed limits was instituted, as well as a year-roundDaylight Savings Time. The OPEC oil embargo also drove auto manufacturers to produce smaller

and more fuel-efficient vehicles. Even after the embargo ended, oil prices continued to rise, and theUnited States economy continued to suffer.

Although OPEC is often seen as a villain in the political arena, the organization serves an importantpurpose. OPEC prevents its members from being taken advantage of by industrialized countries, byensuring that oil-exporting countries are paid a fair price forcrude oil. Because oil-exporting countriesare dependent on industrialized countries for oil products, OPEC standards prevent industrializedcountries from buying crude oil at rock-bottom prices, then turning around and selling oil productsback at vastly inflated prices.

Organization of Petroleum Exporting Countries OPEC

What Does Organization of Petroleum Exporting Countries - OPEC Mean?

An organization consisting of the world's major oil-exporting nations, OPEC was founded in 1960 to coordinate the

petroleum policies of its members and to provide member states with technical and economic aid. OPEC is a cartel

that aims to manage the supply of oil in an effort to set the price of oil on the world market, in order to avoid fluctuations

that might affect the economies of both producing and purchasing countries.

Investopedia explains Organization of Petroleum Exporting Countries - OPEC

OPEC membership is open to any country that is a substantial exporter of oil and that shares the ideals of the

organization. OPEC has 11 member countries, including founder members Iran, Iraq, Kuwait and Venezuela.

OPEC member nations currently supply about 40% of the world's crude oil and 16% of its natural gas. At the end of 2003,

OPEC nations possessed about 78% of the world's total proven crude oil reserves.

Background

In 1988 Canada and the United States signed the Canada-United States Free Trade Agreement after the USCongress approved implementing legislation. The American government then entered into negotiations with theMexican government for a similar treaty, and Canada asked to join the negotiations in order to preserve itsperceived gains under the 1988 deal.[1] The international climate at the time favoured expanding trade blocs, andthe Maastricht Treaty which created the European Union was signed in 1992.

Negotiation and ratificationSeen here are Carlos Salinas, President of Mexico (back left), George H.W. Bush, President of theUnited States (back centre), and Brian Mulroney, Prime Minister of Canada (back right).

Following diplomatic negotiations dating back to 1991 between the three nations, the leaders met in SanAntonio, Texas, on December 17, 1992, to sign NAFTA. U.S. President George H.W. Bush, Canadian PrimeMinister Brian Mulroney and Mexican President Carlos Salinas, each responsible for spearheading andpromoting the agreement, ceremonially signed it. The agreement then needed to be ratified by each nation'slegislative or parliamentary branch.

Before the negotiations were finalized, Bill Clinton came into office in the U.S. and Kim Campbell in Canada,

and before the agreement became law, Jean Chrtien had taken office in Canada.

Bill Clinton had become president of the U.S. before the agreement came into force, and is seenhere signing the U.S. implementation legislation.

The proposed Canada-U.S.trade agreement had been extremely controversial and divisive in Canada, and the1988 Canadian election was fought almost exclusively on that issue. In that election more Canadians voted foranti-free trade parties (the Liberals and theNew Democrats) but more seats in parliament were won by the pro-free trade Progressive Conservatives (PCs). Mulroney and the PCs had a parliamentary majority and were ableto easily pass the Canada-U.S. FTA and NAFTA bills. However Mulroney himself had become deeplyunpopular and resigned on June 25, 1993. He was replaced as Conservative leader and prime minister by Kim

Campbell, who then led the PC party into the 1993 election where they were decimated by the Liberal partyunder Jean Chrtien. Chrtien had campaigned on a promise to renegotiate or abrogate NAFTA, but insteadnegotiated the two supplemental agreements with the new U.S. president.

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