The Central America Free Trade Agreement was ratified by the U.S. Congress on August 2, 2005. CAFTA removes nearly all of the longstanding barriers to trade between the U.S., Honduras, Guatemala, Nicaragua, El Salvador, Costa Rica, and the Dominican Republic.
Together, these Latin American countries have a population of 45 million people, and a 2003 GDP of $204 billion; they are the second largest Latin American trading partner with the U.S., after Mexico.
Two-way trade between the U.S. and the CAFTA nations was $31.9 billion in 2003, ranking these countries together as the 13th largest U.S. trading partner worldwide, ahead of Brazil, Singapore, and Australia.
CAFTA offers important new benefits to U.S. companies:
Together these changes mean U.S. companies will increase substantially their investment and trade with the region.
Honduras, which implemented CAFTA on April 1, 2006, is uniquely poised for explosive growth following the implementation of CAFTA. (learn why)
How will CAFTA specifically benefit your company? Learn more here.
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On August 2, 2005, U.S. President George W. Bush and representatives of the Central American nations signed the CAFTA agreement in Washington, D.C. CAFTA took effect in Honduras on April 1, 2006.