Final answer:
President George W. Bush expanded NAFTA with the creation of CAFTA, including five Central American countries and the Dominican Republic. This aimed to strengthen trade and investment within the Americas and form a larger global trading bloc. Originally established by President George H.W. Bush, NAFTA was ratified under President Bill Clinton.
Step-by-step explanation:
Expansion of NAFTA by President George W. Bush
President George W. Bush expanded the North American Free Trade Agreement (NAFTA) beyond its initial member countries, the United States, Canada, and Mexico. This expansion is known as the Central American Free Trade Agreement (CAFTA), which included five Central American nations—Guatemala, El Salvador, Honduras, Costa Rica, and Nicaragua—as well as the Dominican Republic.
The CAFTA aimed to reduce trade barriers and promote economic integration within these regions, thus forming a larger trading bloc to better compete in the global economy. President Bush signed the CAFTA Implementation Act on August 2, 2005, with hopes of stimulating further investment and trade by decreasing regulations and taxes between these nations.
Originally, NAFTA was signed by President George H.W. Bush and his counterparts from Canada and Mexico in 1992, but it wasn't fully ratified until late 1993, during President Bill Clinton's administration. Despite some opposition, NAFTA created one of the world's largest common markets and significantly boosted trade among the member countries. The agreement was seen as a step towards American leadership in global trade and part of the broader strategy of promoting free trade and globalization.