Home / Knowledge / News / US & CAFTA-DR will encourage vibrant textile & apparel supply chain
US & CAFTA-DR will encourage vibrant textile & apparel supply chain
26
Feb '11
Anabel González, Minister of Foreign Trade of Costa Rica; Marcelo Puello Vice Minister of Dominican Republic; Héctor Miguel Antonio Dada Hirezi, Minister of Economy for El Salvador; Raúl Trejo Esquivel Vice Minister of Integration and Foreign Trade for Guatemala; José Francisco Zelaya, Secretary of State, Offices of Industry and Commerce for Honduras; Orlando Solórzano Delgadillo, Minister of Development, Industry and Commerce for Nicaragua; and Deputy United States Trade Representative (USTR) Miriam Sapiro, Deputy Trade Representative for the United States are pleased to release the following Joint Statement, highlighting the work accomplished at the first meeting of the Dominican Republic-Central America-United States (CAFTA-DR) Free Trade Commission held on February 22-23, 2011, in San Salvador, El Salvador.

On March 1, the CAFTA-DR will complete its 5th year since first implementation. It has yielded positive results for all seven trading partners and has contributed to significant increases in trade and investment among our countries. When we signed the CAFTA-DR Agreement in 2004, we committed to promote economic growth and prosperity, expand trade and investment opportunities, and intensify regional integration and competitiveness. Much has been achieved, but there is more work to be done and we stand ready to meet this challenge.

At the CAFTA-DR Free Trade Commission (FTC) meeting, we celebrated the five year anniversary since El Salvador and the United States implemented the Agreement. Despite the economic challenges faced by the global economy in recent years, total (two way) trade between the United States and the Central American partners and the Dominican Republic grew from $35 billion in 2005 prior to the implementation of the agreement to $48 billion in 2010.

Intra-regional trade among the Central American countries and the Dominican Republic increased from $4.2 billion to over $6.3 billion over the same period. Foreign investment flows in the region are even more remarkable. The average annual investment inflows into the Central American countries and the Dominican Republic in the first four years of the Agreement were $6.3 billion, or 123 percent higher than the $2.8 billion annual average during 2000-2005 before implementation.

We have reviewed the trade and economic impact of the Agreement and underscored the importance of ensuring its effective implementation among our countries. We discussed the key role that the CAFTA-DR Agreement plays in facilitating sustainable, broad-based economic growth in our region, and acknowledged that such sustained economic growth depends on making the types of policy and institutional changes contained in the CAFTA-DR Agreement. The Agreement has been an important catalyst in facilitating our competitiveness in the new global environment.

While we recognize the economic benefits of increased trade and investment under CAFTA-DR and the importance to all of our countries of continued commitment to its implementation, we also discussed remaining challenges to enhance the effectiveness and new opportunities to further enhance trade in the region.

The CAFTA-DR Agreement is designed to boost long-term growth and reduce poverty and the goal has been bolstered by trade capacity building assistance from the multilateral donors and the United States. The ability for our importers, exporters, and producers to take full advantage of the opportunities is critical to the success of the Agreement and the region.


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search