Final Word from Monday, March 3, 2008
For Czechs, nafta is what you put in your tank. For Ohioans, it's the North Atlantic Free Trade Agreement, and it's a heated topic in the state's presidential primary tomorrow. Supporters of globalization argue that Nafta and EU enlargement help "expand the zone of prosperity," while critics call free trade a step toward deindustrialization and job destruction. A new report requested by the EU Commission and paid for by AmCham EU found that Central Europe hasn't created a "giant sucking sound" by taking jobs from Western Europe. Investment into CE hasn't come at the expense of the EU-15, the report said. Furthermore, it added, CE could serve as a buffer for EU-15 companies if their exports decline as the result of a U.S. recession. Czechs will mostly like what they read in the report, but the timing suggests that the CR could again be in the middle of a big globalization fight within the EU soon.[Czech Republic Europe Union North Atlantic Free Trade Agreement American Chamber of Commerce]
Glossary of difficult words
nafta - diesel fuel (in Czech);
tank - fuel tank;
Ohioan - resident of the state of Ohio;
Nafta - a free-trade agreement among Canada, Mexico and the United States which took effect on Jan. 1, 1994;
deindustrialization - a decline in industrial activity in a region or economy;
AmCham EU - the American Chamber of Commerce to the European Union;
giant sucking sound - a phrase used by opponents of Nafta to suggest that U.S. jobs would be "sucked away" to Mexico;
EU-15 - the 15 members of the EU before enlargement;
buffer - cushion, shield.