Add one more country to the free trade agreement with Central America. The Dominican Republic has agreed to join the five Central American nations in what is now the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA).
Eighty percent of DR-CAFTA imports already enter the United States duty free. The DR-CAFTA levels the playing field by expanding access for U.S. products and services. The agreement will eliminate 80% of the tariffs immediately, with the remaining tariffs phased out over 10 years.
With this latest agreement, the Dominican Republic joins the CAFTA signed earlier this year with Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. This historic agreement creates the second-largest free trade zone in Latin America for U.S. exports.
More than half of current U.S. farm exports to the Dominican Republic and Central America will become duty-free immediately, including high quality cuts of beef, cotton, wheat, soybeans, key fruits and vegetables, processed food products, and wine, among others.