Presidents including Ecuador's Rafael Correa, Venezuela's Hugo Chavez and Bolivia's Evo Morales are bypassing the US in reaching trade accords and strengthening diplomatic and commercial ties with nations that compete with, or are hostile toward, US interests.
The elements of a proposal to Iran as approved on 1 June 2006 at the meeting in Vienna of Britain, China, France, Germany, Russia, the United States and the European Union, including the commitment to achieve an EU-Iran Trade and Economic Cooperation Agreement on trade and investment.
After breaking the ice by launching the preferential trade agreement among Developing Eight (D-8) countries, Indonesian Trade Minister Mari E. Pangestu envisions that the agreement would lead to a free trade arrangement for member countries in less than 15 years.
Energy resource-poor Japan is turning to a free-trade agreement, or FTA, with oil and gas-rich trading partners to secure stable supplies to fuel the world's second largest economy.
Syrian Minister of Economy and Trade Dr. 'Amir Lutfi, and Iran's Minister of Housing and Cities' Construction Muhammad Said Kya met on Sunday to discuss issues connected with the Free Trade Zone agreement and the agreement of Differential Trade, reports the official Syrian news agency SANA.
On 5 August 2005, the E3/EU passed to Iran a "Framework for a Long-term Agreement". Under it, the E3/EU would work for an early conclusion of negotiations on a draft EU/Iran Trade & Co-operation Agreement.