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In August, the Dominican Republic formally signed on to the Central American Free Trade Agreement, which includes the U.S., Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.
The CAFTA now ranks as the second-largest trading agreement between the U.S. and Latin America.
According to the Office of the U.S. Trade Representative, the agreement will eliminate 80 percent of tariffs immediately, with the remaining tariffs phased out over 10 years.
About 80 percent of the imports from the CAFTA nations already enter the U.S. duty-free; the agreement would grant the same treatment to U.S. products.
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