| |
USA:Trade hopes soar as CAFTA goes through
the final lap |
|
2005-2-21
|
|
 |
CAFTA is on its road to fructification with the Bush administration trying to drum support for the pact from business and political leaders in the Carolinas. If it musters enough support, the deal, seen as a referendum on Bush''s trade agenda, could go to Congress as early as this month for final approval.
The CAFTA agreement calls for end of import taxes or duties on products like pharmaceuticals, clothing and cars.
The U.S. Chamber of Commerce said Thursday the agreement with five Central American countries and the Dominican Republic would bring North Carolina $730 million in increased output across industries, or $162 million in increased earnings, and create 5,375 jobs after its first year of implementation.
Supporters quote the CAFTA region as the United States'' second-largest Latin American export market behind Mexico. U.S. exports to CAFTA countries in 2003 topped $15 billion, according to the Commerce Department. North Carolina was the nation''s second-largest exporter to CAFTA countries in 2003, accounting for 11 percent, or $1.7 billion, of U.S. exports.
For factories in the Carolinas and nationwide this would spell more business. Notably, South Carolina ranked 11th with $303.5 million. Textiles and apparel cover over three-fourths of N.C. exports to CAFTA countries. In South Carolina, those goods account for more than half of CAFTA exports.
The CAFTA if implemented will develop partnership between Carolinas and other U.S. fabric makers and Caribbean sewing factories that would in turn provide American mills one of the largest stakes in its outcome. US clothing makers will be able to compete with lower-cost imports from China and other distant countries say its supporters.
This is going to be an important development since textile and apparel import limits ended Jan. 1, allowing China and 39 other countries to ship unlimited amounts of goods to US stores.
CAFTA is a ''free'' trade agreement that includes the United States, El Salvador, Nicaragua, Guatemala, Honduras and Costa Rica. Dominican Republic joined the five Central American countries in historic FTA with US in August, last year. |
|
|
|
|
|
|
浙公網安33010602010414
