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Monday, October 4, 2004
U.S. Chamber Predicts Big Gains from DR-CAFTA Trade Deal
Florida Would See More Economic Growth and Jobs, New Study Finds
TAMPA, Fla. – A United States Chamber of Commerce study found significant economic gains for Florida workers and the state economy from a wider trade relationship under a new trade agreement with Central America and the Dominican Republic, known as DR-CAFTA.
“A trade agreement with Central America and the Dominican Republic will bring immediate tangible benefits to Florida workers, businesses and consumers,” said John Murphy, Chamber vice president for Western Hemisphere affairs.
The economic impact study, released today during a summit with the ambassadors from six countries, concluded the trade agreement would increase output across all Florida industries, increase earnings for all Florida workers, and create thousands of new jobs.
- $958 million increased output across all industries one year after implementation and $5.1 billion in increased output after nine years
- $226 million in increased earnings of employees in all industries one year after implementation and $1.2 billion in increased earnings after nine years
- 6,879 new jobs created one year after implementation and 36,308 new jobs created after nine years
Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and the Dominican Republic together form Florida’s largest export market, accounting for more than $3.1 billion in exports in 2003. The agreement will level the playing field for U.S. exporters to the region, making over 80 percent of U.S. exports tariff-free immediately, open markets for U.S. service providers, and create a framework of rules and regulations that will provide greater certainty for Florida companies doing business in the region.
“Central America and the Dominican Republic already enjoy tariff-free access to our markets for most of their industrial goods and agricultural products,” said Murphy. “It’s time for us to lock in the same kinds of benefits for our companies.”
The U.S. Chamber of Commerce is the world’s largest business federation representing more than three million businesses and organizations of every size, sector and region.
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View DR-CAFTA Economic Impact Study for Florida