FTA between Costa Rica and the US comes into effect
Since yesterday 99% of Costa Rican exports will enter the US market tariff-free.
Friday, January 2, 2009
According Elheraldo.hn, "the United States is Costa Rica's main trading partner and buys half of its exports at over 9 billion dollars annually; however demand could fall due to the financial crisis that is affecting the US economy.
The Dominican Republic, Central America and the U.S. agreed to make adjustments in agriculture, sanitary standards, textiles and disputes.
The country has invoked the dispute settlement mechanism of the CAFTA-DR, over alleged violation by El Salvador of the tariff reduction program.
The Central American country will be allowed to ship 138.880 tons of tariff-free sugar, as agreed in DR-CAFTA.
Nicaragua now has a surplus of $1 billion and trade with the country has grown by 75% in six years, thanks to the DR-CAFTA, overtaking Guatemala and the rest of the region.
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