The U.S. Chamber of Commerce recently published information highlighting the economic benefits of the Dominican Republic-Central America-U.S. Free Trade Agreement since it was implemented 10 years ago this month.
CAFTA-DR has led to the elimination of tariffs on U.S. consumer and industrial good exports. The tariffs on nearly all U.S. agricultural products will be phased out by 2020. Since 2005, trade between the United States and the six nations has risen by 70%, growing from $35 billion in 2005 to $59.5 billion in 2014.
The CAFTA-DR market is now the 13th largest market for U.S. exports. U.S. agricultural exports have seen dramatic increases from 2005 to 2014.
- Meat: Exports surpassed $400 million in 2014 with pork expanding 579% from 2005 to 2014; poultry – 201%; frozen beef – 895%; and fresh beef – 691%
- Dairy products: Quadrupled to $167 million in 2014
- Grains: Corn increased 997%; wheat 96%; and oats 1,190%
- Fruits: Apples and pears increased 300% and cherries, peaches and apricots increased 1,100%
- Nuts: Increased 700%
- Fish and marine products: $24 million for an increase of 231%
The CAFTA-DR trade agreement includes the United States, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and the Dominican Republic.