U.S. Chamber Hails Costa
Rica's Entry Into CAFTA
The U.S. Chamber of
Commerce on applauded
Costa Rica's upcoming
entry into the Central
America Free Trade
Agreement (CAFTA) -
locally known as the
Tratado de Libre
Comercio (TLC) - on
January 1, 2009, and
issued a report
highlighting the
billions of dollars in
new exports the accord
is already generating.
"In today's hard times,
the success of CAFTA is
good news for American
workers," said John
Murphy, the U.S.
Chamber's vice president
for International
Affairs. "Since its
implementation began two
years ago, the agreement
has helped American
companies of all sizes
boost their exports to
the region by more than
50%."
The Chamber's report
offers quantitative
evidence of CAFTA's
success. It estimates
that machinery exports
alone to Central America
and the Dominican
Republic sustain more
than 100,000 American
jobs.
"While critics said
these economies are too
small to matter, U.S.
companies today export
more to these six
countries than to Italy,
a G7 economy that is one
of the largest in the
world," Murphy said.
Since CAFTA's
implementation, the U.S.
trade balance with these
countries went from a
us$1.2 billion deficit
in 2005 to a projected
us$5 billion surplus in
2008.
"Thanks in part to CAFTA,
this region has achieved
its highest economic
growth rates in years,"
he said. "These
countries have
successfully diversified
their exports and are
attracting investment
from around the globe."
Participating in the
CAFTA trade agreement
with the United States
are El Salvador,
Guatemala, Honduras,
Nicaragua, Costa Rica
and the Dominican
Republic. Costa Rica was
the last hold out to the
trade deal, having had
to ask its trade
partners an extension on
two separate occasions. |
