House Ways and Means Committee stamps its 'AYE' on CAFTA
01 Jul '05
1 min read
The House Ways and Means Committee has approved CAFTA, a free trade agreement with the Central American Countries and the Dominican Republic.
For quite some time now, the Bush Administration has been rallying hard for its passage arguing that it will provide a required boost to flagging fortunes of American manufacturing, particularly in the textiles and clothing sector apart from affecting the agricultural sector.
The ball is now in the Senate's court which is actively considering giving its go ahead.
The approval sets CAFTA bill on a path for the full House to consider it after the Independence Day congressional holiday.
But, it's too early before the Bill gets the final seal of approval from President Bush as lobbying will reach a crescendo, even as CAFTA seeks to reduce tariffs between the United States and five Central American countries - Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua, and includes a separate pact with the Dominican Republic.
During the acrimonious debate, China's growing economic influence over world trade was also discussed as counter arguments flew across, for and against CAFTA.
marketing@alchempro.com
