The Central America-Dominican Republic-United States Free Trade Agreement, which was signed on August 5, 2004, is designed to eliminate tariffs and trade barriers and expand regional opportunities for the workers, manufacturers, consumers, farmers, ranchers and service providers of all the countries. CAFTA-DR will immediately eliminate tariffs on more than 80 percent of U.S. exports of consumer and industrial products, phasing out the rest over 10 years. Eighty percent of CAFTA-DR imports already enter the United States duty free under the Caribbean Basin Initiative, Generalized System of Preferences and Most Favored Nation programs; the CAFTA-DR will provide reciprocal access for U.S. products and services.