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Cuba and DR discuss possible trade agreement

The Dominican Republic has been trading with Cuba for many years and now there are reports that the two countries plan to take this a step further. The official Cuban government press service, Prensa Latina, reports that yesterday, Thursday 28 April 2016 Cuba and the DR established the terms of reference for a joint study aimed at strengthening economic and commercial relations through a partial scope trade agreement. The DR has a similar agreement with Panama.

The commitment was included in a document signed by Cuban Deputy Minister of Foreign Trade and Investment Ileana Nunez, and Cesar Dargan, the Dominican Republic’s Deputy Foreign Minister for Commercial Affairs and Trade Negotiations.

The conclusions of the study will be presented to both governments to decide whether to forge a strategic alliance to strengthen trade links.

On the same day, a cooperation agreement was signed between the Cuban Chamber of Commerce and the Dominican Republic Industries Association on the sidelines of a business forum, held at the Hotel Nacional de Cuba in Havana.

Dargan said that the Dominican mission taking part in the negotiations includes more than 40 executives from leading companies, and civil servants.

This is one of the largest business missions our country has sent abroad in the past few years, both for the number and the quality of its members, said Dargan, who called for the links between the two nations to be strengthened.

Dargan and the president of the Cuban Chamber of Commerce, Orlando Hernandez, agreed that the conditions were favorable for extending and diversifying the exchange of goods and services and promote investments.

According to figures revealed during the talks, in 2015 bilateral trade grew to US$80 million, some US$54 million in Cuban imports and around US$27 million were exports to the Dominican market.

The parties said that the establishment of a partial scope agreement would contribute to the elimination of obstacles to trade and expand the structure of the exchange, focused on items like steel bars, medicines, tobacco, seafood, fertilizers, construction materials and food.

According to the Dominican Republic’s National Business Council (Conep) president Rafael Blanco, joint cooperation and the establishment of business in the field of tourism could become a key area of mutual benefit for the two Caribbean nations.

Source: DR1

April 30, 2016

Category: DR News |

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