In the second presidential summit of the Americas, which took place in
April 1998 in Santiago de Chile, 34 heads of states of the Americas a
nnounced that they were ready to start negotiating a Free Trade Area o
f the Americas (FTAA), to be concluded by 2005. This article briefly d
iscusses the current trend in favour of regional preferential trade ag
reements, describes how the proposal for an FTAA came about, explores
more than three years of negotiations that made it possible and assess
es the probability of its success.