On August 2, 2005, President Bush signed legislation to implement the Central America - Dominican Republic Free Trade Agreement (CAFTA-DR). This followed the vote the previous week by the House of Representatives to approve the CAFTA-DR legislation. The Senate had passed the bill on June 30 of that year. The Congresses of El Salvador, Honduras, Guatemala, Nicaragua, Costa Rica and the Dominican Republic have approved CAFTA-DR.
More than 80 percent of U.S. exports of consumer and industrial products are now duty-free. In addition to tariff reductions, the agreement expanded market access across all sectors, provided new protections for U.S. investors in the region, and made strong provisions for trademarks, copyrights, and patents. The agreement also included provisions that address worker rights, protection of the environment, trade capacity building, and dispute settlement.
For more information on the agreement, please consult the links below: