When US President George W. Bush announced in 2002 that he wanted a new Central American Free Trade Agreement (Cafta) with the five nations of Central America, the Dominican Republic scented a threat.
United States ambassador Hans Hertell discarded yesterday that there existed “obstacles” to entering the Free Trade Agreement with the US and Central America (DR-CAFTA), notwithstanding admitting that there are still certain challenges to be faced.
Dominican Republic can favorably negotiate the Free Trade Agreement (FTA) that has been outlined with Canada, as long as the official and private sector representatives define a good negotiating strategy on time.
Industry and Commerce minister Francisco Javier Garcia blamed the US Trade Office for delays in reviewing documentation pertinent to the country’s entrance in the Free Trade Treaty with United States and Central America (DR-CAFTA).
United States ambassador to the country, Hans Hertell, handed over to Industry and Commerce minister Francisco Javier Garcia, six studies that focus on strengthening competitiveness of equal number of productive sectors, with a view on the Free Trade Agreement. “I am here to deliver these six studies by sector, which describe new and ample opportunities,” said Hertell.
The U.S.-Central American Free Trade Agreement that was supposed to take effect Jan. 1 is being held up by the U.S. because some of the countries involved have yet to recognize U.S. meat-inspection procedures as valid.
United States Under-Secretary for the Western Hemisphere Patrick Duddy affirmed last night while visiting the Congress that the Free Trade Agreement will be greatly beneficial to the Dominican Republic and other co-signing countries.
Growing anti-trade sentiment in several Central American countries has held up a trade agreement with the United States that was slated to launch Jan. 1.
National Merchants and Entrepreneurs Federation president Antonio Cruz assured today that there is generalized disarray throughout the Dominican Republic with initial implementation of the tax reform, and requested the government to reconsider enforcing it as of next July when CAFTA comes into effect.
The Dominican government reiterated today that the country “met the requirements” and “is ready” to enter the Free Trade Agreement with Central America and the United States (DR-CAFTA), but that it decided to postpone entering free trade until next July.
The American Chamber of Commerce (Amcham) reacted yesterday with disbelief to the official announcement that the Dominican Republic postponed entering the Free Trade Agreement till July 2006.
The decision to maintain the exchange commission at a rate of 9% during 2006, plus duty charges to be collected during the first 6 months next year prior to entering the DR-CAFTA would give the Dominican government an extra-budgetary income of approximately RD$9.3 billion.
The United States ratified implementation of the Free Trade Agreement as of January 1st, 2006 with the sole inclusion of El Salvador and Honduras, since these were the only countries that met all requirements by the set deadline.
US Ambassador Hans Hertell affirmed yesterday that there is a good possibility that the Dominican Republic be impeded to integrate this upcoming January onto the Free Trade Agreement known as DR-CAFTA, given that the voluminous documentation that authorities recently sent to the United States is currently under review.
The Pork Industry Association, president Jose Alba, considered that not entering the Free Trade Agreement (DR-CAFTA) in January 2006 would be a welcomed break for the productive sector. This grace period, in his view, would be well-used to correct distortions in the tax system and enable competitiveness.
The Common Market of the South (Mercosur), made up of Argentina, Brazil, Paraguay and Uruguay, today signed a "document of intention" with Dominican Republic for "broadening the common political and economic dialogue."
Entrepreneurs and economists trust that the Free Trade Agreement with Central America and the United States (DR-CAFTA) will in effect start as scheduled in January 2006.
It is still unclear whether the DR-Central America and US Free Trade Agreement (DR-CAFTA) will start in January 2006, and if it does, most of the Central American countries lag in preparation to enter commercial activity.
The leaders of the Dominican Republic and Canada have agreed to begin negotiations for a free trade agreement between their nations, the Dominican government said Sunday.
Officials at the highest level along with private business persons from El Salvador are currently on tours that have been denominated as “CAFTA-Tours” throughout the United States, looking to attract investments, in addition to participating in work shops to train exporters on how to best benefit from markets to open with DR-CAFTA.