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The U.S.-Central American Free Trade Agreement (CAFTA).
Member rating: No Rating | Words: | Submitted: Wed Mar 24 2004
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The U.S.-Central American Free Trade Agreement(CAFTA) is a trade agreement that is being negotiated between the United States and five Central American countries: Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. "The United States is committed to opening markets around the world because American farmers, workers, consumers and businesses want to sell our world class goods and services. CAFTA will simplify trade; promote investment; slash tariffs on goods; remove barriers to trade in services; provide advanced intellectual property protections; promote regulatory transparency; strengthen labor and environmental conditions; and, provide an effective system to settle disputes," said U.S. Trade Representative Robert E. Zoellick. i CAFTA's provisions will go into effect immediately. One such provision stipulates that 80 percent of U.S. consumer and industrial goods to enter the CAFTA zone will be duty free.ii Tariffs on the remaining 20 percent will be phased out over the next 10 years. More than half of...
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