In late 1994, leaders on both sides of the Atlantic, concerned about the drift in post-Cold War trans-Atlantic relations, called for a new trans-Atlantic trade agreement. Discussions of how this might be accomplished continue. But can the political momentum behind this initiative translate into an agreement that also strengthens the global trading system and promotes an open, rules-based economic order? In her analysis of this question, Frost concludes that a Trans-Atlantic Free Trade Agreement (TAFTA) would be bad economics. She argues instead for an ambitious, comprehensive, long-term, strategic trans-Atlantic economic initiativeóbut not a preferential trading agreement like the North American Free Trade Agreement. She defines the agenda and structure for a trans-Atlantic initiative that makes economic as well as political sense.
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