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End of Trade Benefits
The United States confirmed that
Costa Rica stands to lose the
trade benefits of the Caribbean
Basin Initiative (CBI) if it
doesn't join the Central America
and Dominican Republic-US Free
Trade Agreement (CAFTA) -
Tratado Libre de Comercio (TLC),
as it is known locally.
The warning was implied in a
statement in which Washington
reiterated that the CAFTA will
be effective the first day of
2006 only with the nations who
have adapted to their legal
system the regulations of the
Agreement.
The communication from the US
Trade Representative explains
that the nations which are ready
will be rewarded, while work
will continue with those which
are not.
It makes it clear that the
benefits from the CBI will
continue, but that they are no
longer indefinite and will last
only for a short transition
period.
Costa Rica remains the only
nation that has not ratified the
CAFTA.
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