Major Step Forward for Global Trade Liberalization
WASHINGTON DC – William Reinsch, President of the National Foreign Trade Council, today issued the following statement congratulating the House of Representatives for successfully passing the U.S./Dominican Republic-Central America Free Trade Agreement (DR-CAFTA):
“On behalf of the NFTC member companies, I would like to congratulate the House of Representatives for passing DR-CAFTA and taking a major step forward in advancing global trade liberalization.
“This high standard agreement will eliminate tariff barriers on more than 80 percent of U.S. exports to Central America, helping NFTC member companies expand their operations in the region and creating jobs in the United States. It will also set important precedents for future trade liberalization in the region and as we move forward with the Free Trade Area of the Americas.
“Passage of DR-CAFTA is vital for continued progress on the U.S. trade agenda. It will provide much needed momentum for the Doha Round of WTO negotiations, helping to ensure an ambitious outcome at the Hong Kong Ministerial, and it will allow the U.S. to move forward on our numerous bilateral trade agreements, including those in the Middle East, that are being negotiated or waiting to be approved by Congress.”
Due to the overwhelming importance of this agreement to the U.S. economy, NFTC counted it as a Key Vote in the its annual Trade Report Card.
The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.