Bush Signs Free Trade Pact
President Puts Final Touch On CAFTA, Capping Hard-Fought Battle
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Play CBS Video Video Bush Signs CAFTA Bill CBS News RAW: President Bush signed the CAFTA trade pact with five Central American nations and the Dominican Republican. Congress had approved the bill with a two-vote margin in the House.
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President Bush signs the Central American Free Trade Agreement, Tuesday, Aug. 2, 2005, in Washington. The hard-fought free trade pact was narrowly approved by the House last week. (AP)
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A Nicaraguan protest against CAFTA. The sign reads: "No to CAFTA: It Will Devour Us," a reference to fears that U.S. goods will flood Central American markets. (AP)
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Interactive CAFTA A look at a new U.S. trade agreement with five Central American countries and the Dominican Republic.
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Interactive Eye On The Economy In-depth features on U.S. markets, taxes, employment and the Federal Reserve.
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Interactive Fast Facts : Central America Learn about the people, economy and history of Central America.
Bush's signature at a ceremony in the East Room of the White House put the final touch on the Central America Free Trade Agreement, a measure approved by Congress last week with just a two-vote margin in the House after a bruising battle over the future of
U.S. trade policy.
That 217-215 vote handed the president an important political victory after months of intense lobbying by the president and his trade officials.
"CAFTA is more than a trade bill," Bush said. He said the measure would help strengthen fragile young democracies in Latin America — and show those countries that the United States would stand by their side.
Joining Bush at the signing ceremony were congressional sponsors of the pact and committee leaders and diplomats from the countries that are part of the pact.
The agreement, with Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and the Dominican Republic, removes trade barriers and opens up the region to U.S. goods and services. It also takes steps to facilitate investment in the area and strengthens protections for intellectual property.
"The bill I'm about to sign is good for America," said Bush.
The measure drew heavy Democratic opposition as well as some GOP defections. Critics argued that it would send more U.S. jobs overseas, although Bush said it would open more markets in the region to U.S. goods.
The president has also cast the measure as an important component of his second-term vow to spread democracy and freedom throughout the world to combat terrorism.
"I welcome the opportunity to make our nation more secure by strengthening our ties with democracies that share our belief in free markets and free governments," said Bush.
Bush, in his final push for passage last week, also emphasized that CAFTA was in the national security interests of the United States because the economic partnership would reinforce democratic governments in an area that until recently was torn by civil war and political turmoil.
By Jim Abrams
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