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There are seven nations which are members of this pact. This agreement has completely changed the face of trading and business in this region of the world. The agreement is very similar to the North American Free Trade Agreement (NAFTA), and likewise has had a very positive impact on the economy in the region. The CAFTA was signed by the United States, Guatemala, Honduras, Nicaragua, El Salvador, and Costa Rica. Later, Dominican Republic became a member of this group, and the name of the agreement changed to DR-CAFTA.
The CAFTA was implemented in these countries based on their joining dates. CAFTA was legal in El Salvador and Dominican Republic on March 2006; June 2006 in Guatemala and in April 2006 in Honduras and Nicaragua.
Costa Rica remains to be the only country that has not joined the group formally as it is yet to sign the agreement. This is because there is a lot of opposition from small groups and civil rights groups in the country. These groups believe that the agreement will severely affect the farmers who will not be able to keep up with the export qualities and quantities or timelines set by larger developed countries like the United States.
The CAFTA has abolished all the tariffs, and various fees and charges associated with the exports of grains, rice, corn and beans. These countries depend for particular goods on the product supplying country.
In September 2007, amendments were made in the agreement to segregate the communities who were resistant to this trade agreement.
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