Bush Signs CAFTA Agreement

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resident Bush signed a free trade agreement with six Latin American countries on Tuesday, following a two-vote victory in the House that passed the measure late last week, news services reported.

The Central American Free Trade Agreement, which the president had first approved more than a year ago, passed the House last week by a 217-215 vote.

That vote came about only after the president and House Republican leaders made side promises to wavering lawmakers, the Associated Press reported.

The Senate voted last week 54-45 to approve the agreement, which eases trade restrictions between the U.S. and Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. (Click here for previous coverage.)

“CAFTA is more than a trade bill,” the president said when signing the bill, AP reported. “Strengthening our economic ties with our democratic neighbors is vital to America's economic and national security interests.”

he agreement eliminates tariffs and opens up the region to U.S. goods and services. It also lowers obstacles to investment in the area and strengthens protections for intellectual property.

It was backed by American Trucking Associations and ATA’s Agricultural and Food Transporters Conference. (Click here for previous coverage.)