The U.S. has a strong interest in a democratic, stable, and economically healthy Dominican Republic. The country’s standing as the largest Caribbean economy, second-largest country in terms of population and land mass, large bilateral trade with the United States, and its proximity to the United States and other smaller Caribbean nations make the Dominican Republic an important partner in hemispheric affairs. The U.S. embassy estimates that 60,000 U.S. citizens live in the Dominican Republic, many are dual nationals, while more than 1 million Dominicans reside in the United States, mostly in the metropolitan Northeast

U.S. relations with the Dominican Republic are excellent, and the U.S. has been an outspoken supporter of the country's democratic and economic development. The Dominican Government has been supportive of many U.S. initiatives in the United Nations and related agencies. The two governments cooperate in the fight against the traffic in illegal substances. The Dominican Republic has worked closely with U.S. law enforcement officials on issues such as extraditions of fugitives, reducing illegal migration, and the return of stolen cars to the United States.

The United States supports the current administration's efforts to improve Dominican competitiveness, increase foreign private investment, fight corruption, and modernize the tax system. Bilateral trade is important to both countries, and U.S. firms--mostly manufacturers of apparel, footwear, and light electronics--account for much of the foreign private investment in the Dominican Republic.

U.S. exports to the Dominican Republic in 2003 totaled $4.2 billion. The Dominican Republic exported $4.4 million to the U.S. in 2003, equaling some 87% of its export revenues. The U.S. embassy works closely with U.S. business firms and Dominican trade groups, both of which can take advantage of the new opportunities in this growing market. At the same time the embassy is working with the Dominican government to resolve outstanding business disputes from previous administrations.

Please click on the "News, Articles, & Links" button to the left to read about President Leonel Fernandez' recent 10-day trip to the USA to promote investments in the DR.

1) Quality of life. It's a good place to live and raise a family.
2) Geographically located near major trade markets in the center of the Americas.
3) Well organized business community.
4) It's got great weather.
5) Abundant non-skilled work force of earnest and fast-learning young people.
6) Abundant qualified managerial staff available.
7) It has a large domestic market.
8) Political stability.
9) Excellent telecommunications service.
10) Diversity of investment opportunities
11) Low crime rate.
12) Positive attitude towards foreigners and foreign investors.
13) Fastest growing economy in Latin America for the past five years.
14) It has the largest tourism industry in the Caribbean which is a large export market within the country.
15) Preferential trade agreements signed with Europe, the United States, the Caribbean and Central America.
16) DR is a true melting pot with little racial tensions.

Thursday, October 26, 2006

by Demian McLean and Mark Drajem

WASHINGTON, USA (Bloomberg): President George W. Bush has assured the Dominican Republic's president that the US is working to begin the Central American Free Trade agreement "as soon as possible."

US President George W. Bush shakes hands with Dominican Republic President Leonel  Fernandez (L) during a meeting in the Oval Office of the White House in Washington, DC.  Washington, DC. AFP PHOTOAFP PHOTO

"It's in the interest of the United States that the Dominican Republic have a strong economy," Bush said Wednesday as President Leonel Fernandez sat beside him in the White House's Oval Office.

Fernandez is seeking an end to delays holding up Cafta, which covers the US, five Central American countries and the island nation of the Dominican Republic. In the closest vote ever for a trade pact, Congress approved the agreement in July.

Full implementation has waited as the White House pushes the countries to tighten patent guidelines for medicines, implement new customs rules and allow unfettered import of American meat.

Fernandez said his country's lawmakers and US negotiators are in the "final phase" of crafting amendments tied to Cafta.

The accord removes duties on 80 percent of the $15 billion in annual US exports to the region and makes permanent the duty-free access to the US that most Central American products already enjoy.

At least $33 billion in traded goods are affected by the pact covering the US, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua.

The agreement is already in place for four countries. Costa Rica hasn't approved it yet, and the Dominican Republic has been waiting for more than a year for the US to sign off on entry terms.