Free Trade Agreements Essential to DR

Source: Dominican Today

World Bank International Trade Department director Mona Haddad urged the country to diversify its markets to be competitive and rise in the values chain.

The expert spoke on the topic “Managing trade opening” in a video-conference with government officials and local private sector representatives, under the auspices of the Industry and Commerce, and Economy ministries, and World Bank technicians, from their Washington offices.

In the activity, World Bank senior economist Maurizio Bussolo, addressing the “DR-CAFTA (free trade agreement with the United States) and the extensive margin: an analysis concerning business,” said Dominican Republic needs a different integration and to sponsor more Free Agreements Trade (TLC), noting that they are an incentive to spur foreign investment.

Bussolo, responding to questions, said the DR-CAFTA has been beneficial for the country and represents a good starting point to be used as experience in future negotiations.

Haddad agreed that the country needs new markets because “we have a neighbor who is growing like Brazil” and stressed that Dominican Republic’s solid macroeconomic foundation is an important factor for trade opening.

As to agriculture, she noted that liberalization benefits producers and lowers the price for consumers.