The DR-Central American Free Trade Agreement (DR-CAFTA) with the US will be subject of a crucial test at 10 am today, when it starts its process through the US Senate. The White House has said that if the agreement is not approved by Congress “it would send the wrong message to the young democracies in our hemisphere”. The treaty will be debated for the first time by the Senate Finance Committee, which is composed of 11 Republicans and 9 Democrats. US trade representative Rob Portman stated that “The DR-CAFTA vigorously serves the economic and security interests of the US”. He said that bilateral trade was higher than US$32 billion for the seven countries included in the treaty, a considerable market for US goods. Senator Kent Conrado prepared several amendments regarding export of Dominican and Central American sugar to the US. Some sectors believe the greatest opposition to the DR-CAFTA will take place in the House of Representatives.
At deadline regarding the vote, the Senate Finance Committee approved the draft CAFTA implementing legislation by 11-9 vote in the mock markup. Republicans Snowe and Crapo voted against CAFTA, and Democrats Wyden and Lincoln voted for it.
See http://www.insidetrade.com