Canada Opens up to the World.

Globalization was the hot topic in April as Quebec played host to a multitude of meetings, conferences, debates and trade agreements. The Summit of the Americas wasn't the only event that had people talking

In recent years, free trade has become a necessity for many countries. Consequently, an increasing number of international meetings are organized to promote the creation of economic and trade-related ties between various regions. The Free Trade Area of the Americas (FTAA) has existed for almost 10 years. However, the third Summit of the Americas, held in Quebec City, was centred on the implementation of rules associated with trade agreements, rather than on the FTAA itself.

Heads of state attending the Summit focused primarily on the issue of democracy. They also discussed problems associated with the financing of the infrastructure developing countries will need to participate fully in free trade. The Inter-American Development Bank has agreed to provide $40 billion in loans over the next five years to smooth out inequities so that all the countries are ready for the FTAA in five years' time.

Beyond the Summit

Even before the FTAA action plan was discussed at the Summit of the Americas, a number of other meetings were held among dignitaries from the 34 countries involved. In Quebec City, while the People's Summit was denouncing the lack of transparency in FTAA discussions and the loss of jobs that will likely occur with the opening of markets in the western hemisphere, the Parliamentary Conference of the Americas (COPA) held an extraordinary meeting of its executive committee. Parliamentarians from 20 countries gathered at the National Assembly of Quebec and reiterated their desire to be part of the high-level hemispheric meetings. Members of COPA's executive committee adopted an action plan aimed at holding public hearings on the FTAA in the parliaments of the Americas.

Montreal plays host

Some other events taking place in Montreal were far more low key. For example, the Conference of Montreal, held on April 17 to 20, is an international forum dealing with issues surrounding the "new economy." Since it was founded in 1995, every spring the Conference welcomes participants from all over the world, who come together to discuss major global challenges and the realities of an increasingly international economy and the technological revolution.

This seventh Conference broached numerous aspects associated with the creation of the FTAA. Many Canadian and foreign figures from business, politics, unions and universities talked about their experiences and shared their thoughts on the emergence of the new economy in fields such as international finance, energy, agri-food, public utilities and telecommunications. As in the past, special sessions on the practical aspects of free trade for company owners and entrepreneurs looked at such issues as risk assessment, project financing and the economic and legal environment in many countries. Delegates from Argentina, Brazil, Chile, Costa Rica, Jamaica, Mexico, Uruguay, Venezuela and other countries were on hand to represent their respective countries and meet with Conference participants.

The first Intenational Finance Conference of Montreal, held on April 20, tackled the timely issue of the challenges associated with financing infrastructures in the Americas, and attracted elite players in the world of international finance. More than 150 participants from Canada, the United States, Europe and South America had the opportunity to listen to speakers such as the president of Mexico, Vicente Fox, and Royal Bank of Canada president and CEO, Gordon Nixon.

Topics included among the various round table discussions were the establishment of international banking operations, risk transfer techniques, and innovative solutions for increasing the market capacity for infrastructure project financing. "It is vital to promote this kind of dialogue now when financing will be key to the large investments that are about to be made for domestic infrastructures," noted co-organizers Christine Bergen, senior vice-president and general manager of SNC-Laval Capital Inc. and Andrea Corriveau, president and general manager of Centre Financier International de Montreal (CFI-Montreal).

The Summit of the Americas was also an opportunity to create bilateral trade links between the countries present. Canada and Costa Rica, and the United States and Chile signed agreements. Moreover, Canada, the United States and Mexico agreed to discuss trade in energy.

Julie Demers ([e-mail]) is the associate French editor of CMA Management magazine.