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Work in Progress October 2003 Free Trade Area of the Americas : Some Implications for Jamaica

The Free Trade Area of the Americas (FTAA) will see the integration of 34 countries by 2005. This paper analyses the implications of its creation for the Jamaican economy. Since 1994, Jamaica has made steady progress in its preparation for the FTAA. However, further macroeconomic adjustments are required, particularly in the public sector. It is important that both monetary and fiscal policies be resolutely focused on attaining an inflation rate of 2 to 3 per cent by 2005. Jamaica’s exports are highly concentrated with certain sectors being vulnerable to competition. While there are new market opportunities in the FTAA, particularly in the area of cosmetics and beverages, some areas of the agricultural sector will be adversely affected by the increased competition.