DR CAFTA
The DR-CAFTA (Dominican Republic- Central America Free Trade Agreement) is the first free trade agreement between the United States and other Central American countries including Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic. This agreement lowers trade tariffs and trade barriers to achieve free trade and a working relationship between the United States and the Dominican Republic. The Dominican Republic is the United States 16th largest trading partner, trading goods such as sugar, bananas, cocoa beans and medicinal equipment. According to the United States Department of Commerce, U.S., in 2015, the United States imported from the Dominican Republic USD $ 4,665 million worth of products and exported USD $ 7,113 million.
The DR-CAFTA works to achieve goals in 3 main topics: regional manufacturing, labor, and work opportunities in the region. Trade under this agreement supports American jobs and unlocks opportunities in the Dominican Republic, to promote a more competitive and cohesive environment. The Dominican Republic works with the United States to manufacture products and create products together by working together. DR-CAFTA works to strengthening workers’ rights and conditions in the Dominican Republic. With enforcement of labor protections of which the workers are entitle to under the countries national laws, the United States is committed to enforcing the law to upload international labor rights. This free trade agreement aims to promote prosperity, stability, and opportunities for citizens in their home country and abroad. DR-CAFTA requires laws of transparency and fair procedures in government actions to create a more stable and comfortable climate for investment and business.