In his final address in Brazil, in the Brazilian capital BrasÀlia, the President of the United States, George W. Bush, spoke about the creation of the Free Trade Area of the Americas (FTAA).
According to the US leader, the US wants to "alleviate the debts of the poorer nations" and "create opportunities" throughout the American continent, but this will only be possible through a "broad trade agreement."
For Bush, the FTAA will provide a way for the American continent to compete with China and India. He also said that he enjoyed the conversation he had with President Lula to turn the proposal into a "reality."
The US President also spoke about the Doha Round, the trade meeting that will be attended by many countries scheduled for December in Hong Kong. According to Bush, if the round is successful, it will open markets for developing countries and lift millions of people from poverty.
"We need to take the Doha negotiations to a successful conclusion. There is a lot at stake, and everyone will win," he told an audience composed of entrepreneurs, politicians, and government ministers.
Bush went on to say that he agrees with Lula that it is necessary to reduce agricultural subsidies.
He said that the United States submitted an "ambitious" proposal to the World Trade Organization (WTO) to diminish the subsidies drastically in a first phase and eliminate them altogether in a period of 15 years.
"Countries that adopt free trade develop more readily than those that adopt protectionism."
Earlier, in another address, Bush had made the reduction of US agricultural subsidies contingent upon the reduction of these subsidies in Europe.