Based on the endogenous growth theory，this empirical study usesa SEMs to analyze theef ects of growth and FDI infl ows of CAFTA.Theresults showthat CAFTA's ef ects of growth are significant； and that not all members in CAFTA benefited to the same extent from the CAFTA:more-developed countries and with more relatively home market sizecountries tended to attracta largershare of FDI at the expense of their less-developed partners. This evidence suggests it is essential to distribute evenly the benefits from CAFTA for the stability and continuability of CAFTA.