Dominican Republic
Trade Policy Review: Dominican Republic 2008
“Trade Policy Reviews” analyse the trade policies and practices of each member of the WTO. The reviews consist of three parts: an independent report by the WTO Secretariat a report by the government and the concluding remarks by the Chair of the WTO’s Trade Policy Review Body. The opening section - “key trade facts” - provides a visual overview of the WTO member’s major exports/imports main export destinations origins for its imports and other key data. This edition looks into the trade practices of The Dominican Republic.
Opening services markets at the regional level under the CAFTA-DR: The cases of Costa Rica and the Dominican Republic
The cases of Costa Rica and the Dominican Republic (DR) offer interesting examples of why smaller countries choose to negotiate in a regional context and help explain why the CAFTA-DR regional agreement has led both of them to make services commitments that go significantly beyond their WTO GATS schedules.
Minutes of the TPRB meeting
The third Trade Policy Review of the Dominican Republic was held on 24 and 26 November 2008. The Chairperson (HE Mr Yonov Frederick Agah) welcomed the Dominican Republic delegation led by HE Mr Luis Manuel Piantini and which included HE Ms Claudia Hernández Bona; as well as the discussant Mr Yi-fu LIN Permanent Representative of the Separate Customs Territory of Taiwan Penghu Kinmen and Matsu. As usual the discussant would speak in his personal capacity. In accordance with established procedures the discussant had provided in advance outlines of the main issues he intended to raise (document WT/TPR/D/182).
Report by the Dominican Republic
One year after its previous Trade Policy Review in 2002 the Dominican Republic suffered one of the most serious economic and financial crises of its history following the bankruptcy of three banks owing to a combination of fraud excessive loans to related parties and poor management of public finances. This crisis led to high inflation a sharp depreciation in the exchange rate capital flight a twofold increase in the public debt in the space of a single year and a slowdown in the country’s economic growth. The Government’s commitment to drawing up and implementing an economic programme aimed at re-establishing fiscal monetary and financial discipline and to introducing structural reforms in a number of areas contributed to a marked and rapid recovery of the economy and of international reserves and hence lower inflation and interest rates a more stable exchange rate and the recovery and consolidation of economic growth.
Concluding Remarks by the Chairperson of the Trade Policy Review Body, H.E. Mr Yonov Frederick Agah, At the Trade Policy Review of the Dominican Republic 24 And 26 November 2008
This third Trade Policy Review of the Dominican Republic has been highly informative and afforded this Body the opportunity to appraise in detail the evolution of the country’s trade policies since 2002. This was made possible largely by the constructive engagement of Ambassadors Piantini and Hernández Bona and the rest of their team. I would also like to acknowledge the valuable contribution to this exercise of the discussant Mr Yi fu Lin and thank Members for their participation.
Report by the WTO Secretariat
Since its previous trade policy review in 2002 the Dominican Republic has continued with the liberalization of its trade regime. Among other measures customs procedures were streamlined tariffs reduced import surcharges and export taxes eliminated and new legislation adopted on government procurement competition policy and intellectual property rights. Participation in the global economy has remained intense with trade in goods and services investment flows and family remittances making key contributions to the economy. As such the Dominican Republic has continued to give priority to its participation in the multilateral trade agenda while also seeking to further its integration into the global economy through preferential agreements.