CAFTA trade agreement finalized
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Manufacturing News, Source : The Manufacturer US
Published : 29 Jan 2004 17:42
The Central American Free Trade Agreement (CAFTA), which aims to break down trade barriers between the US and several Central American countries, was finalized in December. The agreement affects trade between the US and Nicaragua, Honduras, El Salvador and Guatemala.
According to the office of US Trade Representative Robert Zoellick, the agreement would make more than 80 percent of US exports to the countries duty-free, with the remaining tariffs eliminated within a decade. Information technology products, construction equipment, paper products, chemicals, and medical and scientific equipment would be duty-free immediately. Also, market access in the Central American countries would be allowed in several industries, including construction, and energy and telecommunication services.
Like the decade-old North American Free Trade Agreement (NAFTA), on which CAFTA is based, the new agreement has generated controversy. If it’s like NAFTA, said US Senator Byron Dorgan (D-ND), CAFTA “will likely create additional incentives for American manufacturers to move jobs to other countries to pursue lower-cost labor.”
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