The FTAA negotiations were formally launched in April 1998 at the Second Summit of the Americas in Santiago, Chile. The Heads of State and Government participating in the Second Summit of the Americas agreed that the FTAA Agreement will be balanced, comprehensive, WTO-consistent, and will constitute a single undertaking. They also agreed that the negotiating process will be transparent and take into account the differences in the levels of development and size of the economies in the Americas in order to facilitate full participation by all countries. Furthermore, they agreed that the negotiations should proceed in order to contribute to raising living standards, improving working conditions of all people in the Americas, and better protecting the environment. Finally, they agreed upon a structure under which the negotiations would be conducted.