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Central America Free Trade Agreement-Dominican Republic
The U.S. - Central America Free Trade Agreement - Dominican Republic (CAFTA-DR), signed August 5, 2004, is an historic agreement that creates the second-largest free trade zone in Latin America for U.S. exports. Under this agreement, the Dominican Republic joins the Central American Free Trade Agreement (CAFTA) signed earlier in 2004 with Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua. Upon entry into force, the CAFTA-DR agreement will eliminate eighty percent of the tariffs immediately, with the remaining tariffs phased out over 10 years.
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