Nevertheless, Miami, campaigning to host the headquarters of the FTAA secretariat, is moving on its role as the financial center of the Americas, business leaders say.
"We should not tie the progress of our city to a specific event such as the FTAA," said Isilio Arriaga, a consultant at the law firm Ferrell & Schultz.
Mr. Arriaga said that although the FTAA would be a benefit to Miami, a treaty would be only one option for business.
"Miami has come a long way to make our city the permanent secretariat of the FTAA," said Mario Artecona, executive director of the Miami Business Forum, a coalition of private-industry executives. "It would be great. It would be the cherry on top of the sundae. But we have to keep on working.
Even if the FTAA is delayed a few years, the city has too much momentum going, he said. Even without the treaty, Miami has established itself as the capital of Latin America in the past two years, said Mr. Artecona.