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U.S. Chamber Brings the Debate on Trade with
Central America and Dominican Republic to Alabama
Economic Impact Study Shows Big Potential for State under DR-CAFTA

 

BIRMINGHAM, A.L. – The United States Chamber of Commerce today released an economic impact study outlining the benefits of the trade agreement with Central America and the Dominican Republic (known as DR-CAFTA) for Alabama’s industries and local economies and called on the state’s elected leaders to recognize the enormous opportunity that the trade deal presents.

 

 “This trade agreement is one of the top priorities in Congress this year and for good reason,” said Thomas Donohue, Chamber president and CEO.  “DR-CAFTA would ensure that Alabama’s businesses and farmers have improved access to the 45 million consumers of Central American and the Dominican Republic, making them true competitors in the global marketplace.”

 

 The study was released in conjunction with an event in Birmingham where Chamber representatives were joined by the ambassadors of the five Central American countries and the Dominican Republic, local leaders and members of the area’s business community to highlight and discuss the effects DR-CAFTA would have on Alabama’s economy.  The Birmingham event is just one of a series of programs the Chamber and its trade affiliates have held nationwide over the past 18 months to educate the public on the trade agreement.

 

Central America and the Dominican Republic together already represent Alabama’s ninth largest export market, accounting for more than $471 million in exports in 2004.  The study projects that the state would see an increase of $190 million in output and nearly 1500 new jobs within just one year of DR-CAFTA implementation.  Those figures would swell to $1.021 billion in increased output and 7,901 new jobs within nine years of implementation.

 

 Total trade between the U.S. and DR-CAFTA countries has nearly doubled since 1995, according to the Chamber.  In 2002 alone, trade between the two markets topped $30 billion, making passage of the trade deal critical to the long-term economic health of this country. 

 

 The U.S. Chamber of Commerce is the world’s largest business federation, representing more than three million businesses of every size, sector and region.

 

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