America builds its single market

Article Abstract:

The signing into law of the North American Free Trade Agreement (Nafta) will pave the way for the integration of the US, Canada and Mexico into one powerful economic bloc. The agreement promises to increase the global competitiveness of these three nations through the removal of barriers to trade within the region and the merging of American and Canadian technological expertise with Mexico's cheap labor. The new trade zone will be composed of 360 million consumers and will have an annual production of $6 trillion, making the European single market appear small in comparison. The US favors the extension of Nafta to the rest of Central and South America as expressed in its 'Enterprise for the Americas Initiative.' A number of European firms, including Germany's BMW, have already began positioning themselves to reap the rewards of doing business in this huge market.

Interpretation and construction, International trade, North America, Commercial treaties, Trade agreements, European Community

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Hubris on the Liffey

Article Abstract:

Ireland is attempting to enter the lucrative financial services market by building the International Financial Services Center in Dublin. The Center is backed by Prime Minister Charles Haughey, and is offering a 10% tax rate on profits for companies trading financial services at the center. A double rent allowance against trading profits and a 10-year vacation from local property taxes are two other incentives. Haughey hopes to create jobs for 7,500 people with the new industry and to reduce Dublin's 20% unemployment rate. The Center is the focal point of an even larger development project which includes shops and restaurants. To be successful, the project needs to provide the necessary personnel, and to attract enough large financial institutions to Dublin.

DEPOSITORY INSTITUTIONS, Analysis, Management, Financial services industry, Financial services, Ireland, Economic policy, Industrial development, Industrialization, Tax incentives, Haughey, Charles J.

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Turkey: pining for EC membership

Article Abstract:

A long standing member of NATO, Turkey is lobbying hard for membership in the European Community (EC) as part of the country's increasingly Western orientation. Turkey has been praised by the International Monetary Fund, as well as the World Bank, for its remarkable economic recovery in the 1980's. Obstacles that may block Turkey's entry into the EC include: the country's renewed economic problems; possible military intervention; flood of migrant workers; opposition from Greece; alleged violations of human rights; and the EC's current reluctance in considering further enlargement before 1992, the deadline for the Community's economic union.

Turkish foreign relations, Turkey, column

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