Which Of The Following Is The Aim Of The Central American Free Trade Agreement

To the extent that the description of a position or product corresponds to the description in the Central American Standard Customs Nomenclature (NAUCA) of the group (three digits), positions (five digits) or sub-positions (seven digits) in the left column, the title or merchandise must be interpreted as including everything contained in the NAUCA group, post or sub-post and its coding management. If the description of the position or product is more limited than the title of the group, item or sub-posts shown in the left column, the description is defined only by the position or merchandise or objects expressly indicated in the calendar. · According to the U.S. Caribbean Basin Trade Partnership Act, many Central American products arrive duty-free in the United States. CAFTA will consolidate and sustain these benefits, so that virtually all consumer and industrial products from Central America will immediately enter the United States duty-free after the agreement. The main provision of THE CAFTA-DR called for the immediate abolition of certain tariffs and others over a period of 15 to 20 years. Tariffs on more than half of U.S. agricultural exports were eliminated as soon as the agreement came into force. The main U.S. exports to CAFTA-DR countries were petroleum products, machinery, cereals, plastics and medical devices.

Major U.S. imports included coffee, sugar, fruits and vegetables, cigars and petroleum products. Other CAFTA-DR provisions are expected to enable the United States to improve access to Central American markets in the banking, telecommunications, media, insurance and other service sectors, as well as procurement by the Central American and Dominican governments. The trade agreement included measures to ensure transparency and efficiency in all transactions and to protect workers` rights and the environment. The EU`s central trade objective for Central America is to strengthen and use bilateral trade to strengthen the process of regional integration between countries in the region. In practice, this means the creation of a customs union and economic integration in Central America. The EU has supported this process through its trade agreement and trade-related technical cooperation programmes. EU exports to Central America increased by 8.9% in 2019. This increase was mainly due to exports of mineral oils, machinery and chemical equipment, which increased by 69%, 11.9% and 9.2% respectively. Chapter 4 on Trade in Services closely follows the approach of the WTO`s General Agreement on Trade in Services (GATS).

It covers trade in all service sectors under the four types of supply, with the exception of air transport. A separate annex on financial services (Annex XVII) completes the chapter with specific disciplines for this sector. The lists of specific commitments of the contracting parties (annexed to the additional obligations in the field of telecommunications services) and exemptions from the treatment of the most favoured nations (MFN) are included respectively in Appendixes XV and XVI. These lists are subject to regular revision to further liberalize the exchange of services between the two parties. As a large-scale agreement, the free trade agreement covers trade in goods, trade in services, investment, competitive competition, protection of intellectual property rights, public procurement, trade and sustainable development, as well as cooperation. In the area of merchandise trade, EFTA removes all tariffs on industrial products from the time the agreement enters into force, while Central American countries will do so after a transitional period. The agreement provides for the possibility for other Central American states to join the free trade agreement.

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