Costa Rica Given More
Time To Ratify Free
Trade Deal
October 1, today, was
the deadline for Costa
Rica to ratify and join
the Central American
Free-Trade Agreement
with the United States (CAFTA).
However, Costa Rica now
has until January 1,
2009, to ratify the
trade deal.
The United States, the
Dominican Republic and
Central American
signatory countries have
all agree to allow Costa
Rica three more months
to get its house in
order.
The trade deal is known
locally as the Tratado
de Libre Comercio (TLC).
The announcement was
made following the
signature of Nicaraguan presidentn
Daniel Ortega, who joined the
trading partners in
signing the extension,
according to a press
release by Casa Presidencial in San
José.
Carlos Gutierrez,
Secretary of the U.S.
Department of Commerce,
who is in Costa Rica
leading a group of 10 US
business
representatives, met
with Costa Rican
president, Oscar Arias,
yesterday, with the full
support of US president,
George W. Bush for Costa
Rica's entry to the
trade deal.
"It's hard to imagine
CAFTA without Costa
Rica", said Gutierrez at
a press conference
yesterday.
The trade deal required
that Costa Rica pass 13
complimentary laws for
the trade deal to take
effect. Legislators
passed all 13 bills,
however, only 12 were
approved, the last
falling by the wayside
when the Constitutional
Court said it found
constitutional errors
and sent the bill back
for redrafting.
Although the government
did its best to get the
redrafted bill approved
before the October 1
deadline, opposition to
the trade deal blocked
all attempts for a fast
passage.
This is the second time
Costa Rica has had to
ask for an extension.
The TLC was signed in
May 2004 by the
governments of the
United States, Costa
Rica, Nicaragua, El
Salvador, Honduras,
Guatemala and the
Dominican Republic.
Costa Rica is the only
signatory country that
has not ratified the
trade deal, while the
others all have their
respective deals in
place.
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