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The Central America Free Trade Agreement finally took effect on March 1, after El Salvador became the first signatory from the region to qualify by adjusting its local laws to CAFTA requirements. The other signatories--the Dominican Republic, Guatemala, Honduras and Nicaragua--could be ready to enact CAFTA as early as July, according to Jon Fee, a partner at Alston & Bird, an international law firm. The missing link remains Costa Rica, which has yet to ratify the agreement. The reason: Oscar Arias, a …