On August 5, 2004, the United States and the Dominican Republic signed a bilateral free trade agreement, which is part of the free trade agreement between the U.S. and five Central American countries (CAFTA-DR). The addition of the Dominican Republic creates a free trade area that is the second-largest U.S. export destination in Latin America.
Once ratified by each country's Congress, eighty percent of U.S. consumer and industrial exports will immediately enter the Dominican Republic duty-free, with remaining tariffs phased out over 10-15 years. Key U.S. export sectors, which will benefit from immediate duty elimination include IT products, paper products, agricultural and construction equipment, wood, medical and scientific equipment, and pharmaceuticals. In addition, tariffs on U.S. autos and auto parts will be phased out within 5 years.
CAFTA-DR NEWS
Bush Signs Trade Agreement with Central America, Dominican Republic
Bush signed CAFTA-DR on August 2 during a White House ceremony. The trade pact was approved by the U.S. Senate on June 30, and by the U.S. House of Representatives on July 28.Click here for more information...
For more information on CAFTA-DR please visit the links below:
U.S. Department of Commerce's CAFTA-DR Site
U.S. Trade Representative's CAFTA-DR Site
CAFTA-DR