October 28, 2005
US sets deadline for entering Free Trade
Santo Domingo.- The Dominican Republic has unitl the 15th of November to approve reforms stipulated by the Free Trade Agreement with the United States and Central America (CAFTA-DR), or it would not be able to participate as of next January 2006, originally set as the launching date for the accord.
In spite of the fact that approval of the tax reform bill was still pending, Dominican authorities adopted along with officials of the United States and the five Central American nations a schedule of urgent measures that must be assumed, to avoid delays in implementing the trade treaty.
According to local sources, “the tax reforms must be approved before the 15th of December, which marks the deadline by which the White House is to certify to the US Congress that partner countries have adopted the required adjustments for the FTA.
The US Congress has posed this requirement to the White House, in order to avoid stalling of the trade agreement by external causes.
Once the White House certifies that all is good to go, the Organization of American States (Organization de Estados Americanos, OEA) will then be notified to indicate that FTA stipulations have been satisfied.