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At the 1994 Summit of the Americas, 34 hemispheric democracies agreed to create a “Free Trade Area of the Americas” (FTAA) no later than 2005. If created, the FTAA would be a $13 trillion market of 34 countries (Cuba is not included) and nearly 800 million people. The population alone would make it the largest free trade area in the world with nearly twice the 450 million population of the now 25-nation European Union. In the nearly ten years following the 1994 summit, Western Hemisphere trade ministers have met eight times to advance the negotiating process. At the last ministerial held from November 17- 20 2003 in Miami, ministers agreed to a declaration that set a September 2004 deadline for the market access talks, created a two-tiered FTAA structure, and reaffirmed countries’ commitment to complete the entire FTAA by January 2005.

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Taxes have been a major focus of congressional attention during the first half of 2000. In part, Congress has returned to many of the issues it addressed last year. In August, 1999, Congress passed a set of tax cuts with the Taxpayer Refund and Relief Act (H.R. 2488; TRRA). However, President Clinton vetoed the bill, arguing that the cuts were too large (an estimated $792 billion over 10 years), would drain funds from Social Security surpluses, and would force reductions in domestic spending. Early in 2000, Congress signaled its intention of revisiting tax cuts with passage on April 13 of a fiscal year (FY) 2001 budget resolution (H.Con.Res. 290) calling for a 5-year tax cut of $175 billion.

On Oct. 7, 1992, Hong Kong's new Governor Christopher Patten's unveiled proposals to expand the voting franchise in Hong Kong and broaden the scope of democratic institutions. Patten's proposals reflected a growing desire on the part of the colonial government and the people of Hong Kong that, in the aftermath of the 1989 Tiananmen crackdown, Hong Kong should erect safeguards against capricious Chinese government action after 1997. The proposals were seen by the British authorities as consistent with the 1984 Sino-British Joint Declaration -- the agreement governing Hong Kong's transfer to Chinese rule, but Beijing disagreed.

The United States and Japan are closely tied economically. Japan ranks second only to Canada as the largest U.S. export market. Japan is the leading market for American agricultural exports, such as corn and meat; for U.S. crude materials such as wood; and for U.S.-produced aircraft. Japan is also the second largest supplier of U.S. imports. These include cars, consumer electronics, telecommunications equipment, and computers. The United States ranks as Japan's number one export market and import supplier.

Over the past decade, worldwide production of illicit drugs has risen dramatically: opium and marijuana production has roughly doubled and coca production tripled. Street prices of cocaine and heroin have fallen significantly in the past 20 years, reflecting increased availability. Despite apparent national political resolve to deal with the drug problem, inherent contradictions regularly appear between U.S. anti-drug policy and other national policy goals and concerns. The mix of competing domestic and international pressures and priorities has produced an ongoing series of disputes within and between the legislative and executive branches concerning U.S. international drug policy. One contentious issue has been the Congressionally-mandated certification process, an instrument designed to induce specified drug-exporting countries to prioritize or pay more attention to the fight against narcotics businesses.

The U.S. Congress has held numerous hearings to evaluate the causes and ongoing repercussions of Argentina’s financial crisis. This report analyzes Argentina’s debt situation in support of this interest and will be updated periodically.