U.S. Chamber Hails Costa Rica's Entry into CAFTA-DR

Report Shows Agreement is a Resounding Success

WASHINGTON, DC—The U.S. Chamber of Commerce today applauded Costa Rica's upcoming entry into the U.S.-Central America-Dominican Republic Free Trade Agreement (CAFTA-DR) on January 1, 2009, and issued a report highlighting the billions of dollars in new exports the accord is already generating.

"In today's hard times, the success of CAFTA-DR is good news for American workers," said John Murphy, the U.S. Chamber's vice president for International Affairs. "Since its implementation began two years ago, the agreement has helped American companies of all sizes boost their exports to the region by more than 50%."

The Chamber's report offers quantitative evidence of CAFTA-DR's success. It estimates that machinery exports alone to Central America and the Dominican Republic sustain more than 100,000 American jobs.

"While critics said these economies are too small to matter, U.S. companies today export more to these six countries than to Italy, a G7 economy that is one of the largest in the world," Murphy said.

Since CAFTA-DR's implementation, the U.S. trade balance with these countries went from a $1.2 billion deficit in 2005 to a projected $5 billion surplus in 2008.

"Thanks in part to CAFTA-DR, this region has achieved its highest economic growth rates in years," he said. "These countries have successfully diversified their exports and are attracting investment from around the globe."

The Chamber's report on CAFTA-DR is available at http://www.uschamber.com/publications/reports/081230cafta.htm

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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