Caricom Dominican Republic Trade Agreement

The provisional entry into force of the agreement on 1 December 2001 is expected to allow the industry to cash in on the holiday season. The agreement also provides specific rules for trade in certain agricultural products. The agreement will operate under the authority of a joint council whose agenda already includes a number of important issues in the development of trade between the Dominican Republic and CARICOM. In addition to trade in goods, the agreement includes rules on trade in services and the promotion and protection of the other`s investments. The agreement, long awaited by the business community in both carICOM and the Dominican Republic, provides for a significant share of trade between the two parties, which enjoy duty-free access to the markets of the other party. This is the First Free Trade Agreement of the Caribbean Community. However, CARICOM`s LDCs do not benefit from this status in the Dominican Republic market to meet this treatment compared to the Dominican Republic. The Commonwealth of the Bahamas is not a part of these trade agreements. On 1 December 2001, the CARICOM/Dominican Republic free trade agreement came into force in the Dominican Republic – a market of about 8 million people – and in all CARICOM countries except Guyana and Suriname. These two states have not yet completed the administrative procedures.

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