The Bush administration has proposed an ambitious trade agenda by moving forward with several countries on Free Trade Agreements. Currently under negotiation are the Free Trade Agreement of the Americas, the Southern African Customs Union, and Andean, Panama, and Thailand Free Trade Agreements.
The administration recently concluded negotiations for the Central American and Dominican Republic Free Trade Agreement (CAFTA-DR), and with Bahrain. Below is a brief synopsis of current trade information on CAFTA.
Countries included: Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic
Negotiations began: January 27, 2003
Negotiations status: Negotiations completed
Action pending: Ambassador Robert B. Zoellick signed the agreement May 28, 2004. The administration has not sent implementing language to Congress for a vote.
New manufacturing exports to CAFTA nations after passage: $1 billion
Additional U.S. manufacturing jobs: 12,000 related jobs
Value of U.S. agricultural exports to CAFTA nations in 2002: $1.251 billion
Top U.S. agriculture exports to CAFTA nations in 2002:
Corn – $195 million
Wheat – $163 million
Soybean meal – $98 million
Rice – $82 million
Value of U.S. agricultural imports from CAFTA nations in 2002: $1.960 billion
Top U.S. agricultural imports from CAFTA nations in 2002:
Bananas – $655 million
Coffee – $387 million
Pineapples – $173 million
Melons – $162 million
Projected U.S. agricultural gains after full implementation of CAFTA-DR in 2024: $1.44 billion