The US House of Representatives this week narrowly approved the Central American Free Trade Agreement (CAFTA), meaning that the legislation must now be signed into law by President Bush.
The agreement is designed to reduce trade barriers between the United States and the Central American signatories, which comprise Costa Rica, the Dominican Republic, Guatemala, El Salvador, Honduras and Nicaragua.
CAFTA would immediately eliminate duties on more than half the value of US farm exports to the region, expand IP protections and open telecommunications and other markets.
In a statement released following the 217-215 House vote, President Bush announced that: "CAFTA helps ensure that free trade is fair trade."
He continued:
"By lowering trade barriers to American goods in Central American markets to a level now enjoyed by their goods in the US, this agreement will level the playing field and help American workers, farmers and small businesses."
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