Dominican Republic has a long-standing relationship with USA: as its main trading partner, the North American giant buys more than 50% of the country’s goods and services, represents more than a third of foreign direct investment, with 10.6 billion dollars invested between 2010 and 2023, and sends to more than 4 million tourists every year.
Both countries have strengthened their ties even more after on August 5, 2004, a Dominican delegation signed the Free Trade Agreement between Dominican Republic, USA and Central America (DR-Cafta), an agreement that establishes special conditions to facilitate commercial exchange between the signatory nations.
10,660
Amount, in millions of dollars, of US foreign direct investment, between 2010 and 2023
20 years after the signing of this treaty, the chargé d’affaires of the embassy of the USA, Patricia Aguileraanalyzed the country’s achievements and opportunities within the framework of the agreement, after speaking alongside the dominican ambassador in USASonia Guzmán, at the Thanksgiving lunch, organized by the American Chamber of Commerce of the Dominican Republic (Amchamdrfor its acronym in English).
“Since the beginning of DR-Caftahe economic growth of this country has tripled with respect to the regional average, as well as the gross domestic product per capita. This has translated into three million people who have been lifted out of poverty, a middle class that now exceeds the percentage of those living in poverty and better access to services,” said the chargé d’affaires of the US embassy. USA, Patricia Aguilera.
Determining factors
At the event, the official explained that the growth of the Dominican economy has been driven by a combination of factors, such as economic policies solid policies, increased investment and the benefits of free trade contained in the agreement.
“He international trade It no longer depends on quotas and tariffs, it depends on the capacity of our productive sectors to satisfy the requirements of the export markets and, at the same time, that allied countries facilitate trade through solid regulations“he stressed.
Likewise, he highlighted that the DR-Cafta has expanded the nation’s access to new marketshas simplified commercial processes and has created conditions for the country to assume a role of regional leadership.
“The Dominican Republic is now a leader and example in trade, investment and security,” remarked Aguilera, who indicated that the nation has opportunities to continue increasing jobs, diversifying income and offering greater stability and security.
For Aguilera, the country must now focus on continuing to strengthen the education of its citizens, increase security and guarantee stability with a transparent and corruption-free judicial system. He indicated that the United States continues to work with the Dominican Government to support the teaching of the English language. Regarding the fight against corruption, he highlighted the need to approve a new public procurement law, which places the Caribbean nation in line with the best international practices.
