Dominican Today, Dominican Republic
Only Dominican Republic and Costa Rica still wait to join DR-CAFTA
5 July 2006
Santo Domingo.- Being that Guatemala has just recently implemented the Central American Free Trade Agreement (DR-CAFTA), only Costa Rica and the Dominican Republic remain as the two signatories that still are not enforcing the agreement.
DR-CAFTA is designed to reduce trade barriers between the United States and five Central American countries and the Dominican Republic, reducing or eliminating duties on goods shipped between the United States, Costa Rica, El Salvador, Honduras, Guatemala, Nicaragua and the Dominican Republic.
According to the White House — a strong supporter of the trade accord —, CAFTA will further open a market of 44 million consumers of U.S. products and "strengthen our security at home by promoting democracy and prosperity in our hemisphere."