Dominican Republic signs trade agreement with Cuba

SANTO DOMINGO, Dominican Republic — The Dominican Republic has signed a Partial Scope agreement with Cuba in an effort to boost economic, trade and cooperation between both countries.

The agreement was signed on Friday by Foreign minister Miguel Vargas and Cuban deputy Foreign minister Ileana Núñez during a ceremony at the Dominican Foreign Affairs Ministry.

Vargas called the initiative a “historic moment” in the bilateral ties, “which will pave the way for two nations united by strong historical and cultural ties such as the Dominican Republic and Cuba, to build an even stronger ties to benefit their citizens.”

He stressed the bilateral trade of US$91.0 million in 2015, with a nearly 70 per cent jump in Dominican exports to Cuba from 2010 to 2015, of US$53.0 million.

Cuba exported around US$38.0 million to the Dominican Republic in 2015 – 38 per cent higher from 2010 to 2015.

According to Vargas, an area of tariff preferences will be established that will have basic trade rules and disciplines aimed at eliminating non-tariff barriers in bilateral trade, “thus helping to create and increase trade and cooperation between the parties and encourage the participation of different economic operators.”

(From the Jamaica Observer)