U.S. vows to expand CAFTA-DR trade

U.S. vows to expand CAFTA-DR trade    U.S. Commerce Secretary Gary Locke on Monday met with senior government officials representing the countries of the Central America-Dominican Republic-United States Free Trade Agreement.
   The multilateral meeting, which took place during the Americas Competitiveness Forum (ACF), focused on the importance of expanding trade with a group of neighboring countries and free trade agreement partners.

Locke

   'The United States looks forward to building on the accomplishments of CAFTA-DR,' Locke said in a statement. 'Our countries will continue efforts to expand trade and prosperity in the hemisphere.'
   CAFTA-DR has provided increased market access for U.S. companies and eliminated the vast majority of tariffs on U.S. goods exported to the region. According to the Commerce Department, U.S. exports to the CAFTA-DR countries were more than 50 percent higher in 2008 compared to 2005, the year before implementation of the agreement.
   With $20 billion of exports in 2009, the CAFTA-DR region was the third-largest U.S. export market in Latin America and the Caribbean, behind only Mexico and Brazil. It ranked as the 14th-largest market in the world for U.S. exports. Principal exports to the region include petroleum products, machinery, electronics and cotton yarns.