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Talks underway for trade agreement with Cuba

Cuba and the Dominican Republic have begun talks leading up to the signing of a Partial Scope Trade Agreement. The DR has a similar agreement with Panama.

Cuban ambassador in the Dominican Republic Carlos de la Nuez Lopez said that the first phase would see a reduction on some items in order to encourage more exports from the Dominican Republic to Cuba. De la Nuez made the remarks during a presentation on the advantages Cuba offers to investors during an event organized by the Dominican Traders Federation (FDC) on Thursday 20 October 2016.

FDC president Ivan Garcia complained that Dominican exports have to pay tariffs of more than 200% to sell to Cuba when other countries in the Caribbean, Central America and South America can sell their products to Cuba with zero tariffs. The high tariffs are a major barrier to increased trade from the Dominican Republic.

According to trade statistics, in 2015 trade totaled US$80 of which US$54 million are Dominican exports to Cuba and US$27 are imports from Cuba.

Source: DR1, Hoy

Oct 21, 2016

Category: DR News |

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Last updated April 30, 2017 at 12:38 AM
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