Son of NAFTA, the U.S.-Central American Free Trade Agreement, aka CAFTA, has been signed by the U.S. and Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. It was backed by major U.S. corporations such as Boeing Co (NYSE:BA), ExxonMobil (NYSE:XOM), Intel Corp (NASDAQ: INTC), and Time Warner Inc (NYSE: aTWX), support CAFTA, but opposed by the AFL-CIO, Friends of the Earth and other major groups. A companion agreement was signed with the Dominican Republic. U.S. Trade Representative Robert Zoellick was quoted as claiming the pact will provide "new hope for easing poverty, fostering development and strengthening democracy." Opponents, such as the AFL-CIO and Friends of the Earth, say CAFTA will distress workers, farmers and the environment, as well as increase health care costs. CAFTA will abolish duties on most U.S. industrial and consumer exports, and half of all U.S. farm productsFinancialWire:
