Rivalry for the Free Trade Area of the Americas

Here is the latest title to be chased in the economic development world. Want to be the Brussels of the Americas? That's what the latest competition is all about. Here is the story.

As many as 10 cities in the Americas are expected to place formal bids this month to serve as headquarters for a regional trading bloc -- a designation that could bring millions in investment and immeasurable prestige to the winner.

From the United States, Miami, Atlanta, Colorado Springs, Chicago and Houston will throw their hats into the ring. Port of Spain, the capital city of Trinidad and Tobago, is aggressively campaigning, along with Panama City and Mexico's Puebla and Cancun. Trade lobbyists say they expect one Brazilian city to bid as well. Panama City may appeal to the most countries, in part because of anti-U.S. feeling but also due to Panama's long-standing U.S. business ties.

The winner will house the administrative center of the Free Trade Area of the Americas, and potentially gain thousands of jobs as lawyers, accountants, lobbyists and businesses collect in the vicinity, economists and city officials estimate.

What's more, those campaigning for the candidate cities say the winning site will become to the Americas what Brussels is to the European Union, if the FTAA deal is concluded at all.

If finalized, the Free Trade Area of the Americas will be the largest free-trade area in the world, trumping the European Union, as it frees the flow of goods and services among 34 countries and brings together 800 million consumers and a $14 trillion marketplace.

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