As the North American Free Trade Agreement (NAFTA) expands into both the Central America Free Trade Agreement (CAFTA) and the Free Trade of the Americas (FTAA), the elimination of duties will benefit those brands that have already been established in the market place. Will the brands you represent be among them?
The 34- country FTAA will be the largest in the world, expected to go into effect in the near future. It will include 800 million people with a gross domestic product estimated at $14 trillion.
The May 29, 2004 edition of 'Business' gives some statistics for CAFTA alone. "Under CAFTA more than 80 percent of US consumer goods and industrial products, and 50 percent of US farm products will gain immediate tariff-free entrance into the region. Within 10 years, 100 percent of all American goods and services will enter the region tariff-free, while tariffs on the remaining agricultural products will be gradually phased out over 15 to 18 years."
Caribbean Business of June 3, 2004 says the following. "Puerto Rico stands as a shining example of what an economy can achieve under free trade with the USA." The same opportunities will soon exist in Central and South America as restrictions are very rapidly stripped away. If you would like to read more about the ongoing trade agreements relative to this area please click on the following links.
Caribbean Community (CARICOM): www.caricom.org
Foreign Trade Information Service: www.sice.org/tradee.asp
US Dept. of Ag. Foreign Agriculture Service: www.fas.usda.gov
International Trade Association: www.ita.doc.gov
