not to forget is the DR - US Free Trade agreement which will improve the living standard enormously as all US goods will be available without any additional tax charge.
US Senate approves DR-CAFTA
Last night, the US Senate approved the much debated Dominican Republic - Central American Free Trade Agreement (DR-CAFTA) with the US by a close margin, but now it must go to the House of Representatives, where it is expected to pass through a rough battle. Deliberations for the most controversial free trade agreement negotiated by the US in more than 10 years began Wednesday evening and ended 20 hours later with a vote of 54 to 45. The approval represents an extraordinary victory for President George W. Bush, who was thankful for the decision and insisted that the treaty will immediately remove trade barriers for 80% of US goods, something that will help increase trade.
The House of Representatives is expected to decide on the DR-CAFTA in July. The treaty makes Costa Rica, Nicaragua, Honduras, El Salvador, Guatemala and the DR US trade associates. The DR and Central America would then become the second most important market for the US in the Americas. DR-CAFTA will place the US on the side of those who represent freedom, democracy and the rule of law in the region, stated Mel Martinez, Republican Senator for Florida, during the debate. However, many democrats oppose the agreement because they believe the labor standards in the associate countries as too weak and will represent unfair competition for US workers.
