Senate Committee Backs Central American Trade Deal
Senate panel voted Wednesday in favor of the Central American Free Trade Agreement, clearing the way for the full Senate to vote on it as early as this week, Bloomberg reported.
The Senate Finance Committee approved the legislation for Cafta by a voice vote, Bloomberg said. The bill also must be cleared by the House of Representatives if it is to become law.
Cafta would end most tariffs on more than $33 billion in goods the United States trades with Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua.
Under rules of Trade Promotion Authority passed in 2002, Congress can't amend trade bills when they come up for a formal vote. Those rules require the full Senate to vote on the legislation within the next 15 workdays, Bloomberg reported.
The House Ways and Means Committee is scheduled to consider Cafta legislation Thursday, and the full House may take up the measure in July.
While the agreement is backed by major computer companies that see more markets for their goods, getting Cafta through Congress has been delayed for more than a year because of opposition from labor unions, sugar growers and some textile makers, Bloomberg said.
