FREE TRADE AGREEMENT WITH CARICOM. The Caribbean Community or CARICOM provides political coop- eration and the creation of a common market among the English speaking countries in the region. The Dominican Republic has been part of CARICOM since August 22, 1998, when the Free Trade Agreement was signed between the Dominican Republic and CARICOM. This agreement frees more than 85% of the commerce among these markets, for an estimated 47 million consumers. Also, the agreement seeks to pro- mote the active participation of the private sector, broadening and strengthening economic relations be- tween the parties.
CENTRAL AMERICA FREE TRADE AGREEMENT. On April 16, 1996, the Free Trade Agreement Central Amer- ica-Dominican Republic was signed. The participating countries were the members of the Economic Integra- tion System for Central America, consisting of Costa Rica, El Salvador, Honduras, Nicaragua, and Guatemala. This agreement was ratified in March 2002. The treaty relates to goods, services, and investments. It is consistent with the principles of the WTO and with the process of the creation of the ALCA, and it grants mutual trade opening, with the exception of a limited number of products. This treaty opens the Dominican Republic to a potential market of more than 40 million consumers.
CARIBBEAN STATES ASSOCIATION. The Caribbean States Association was created in 1992 to increase and consolidate economic relations among its members, as well as to develop strategies that increase the members’ comparative advantages. It seeks to establish a free trade area between its members, negotiate jointly with oth- er economic blocks and international organizations, and develop facilities for transportation and communications.
PARTIAL INTERNATIONAL TREATY WITH THE REPUBLIC OF PANAMA. On February 6, 2003, Panama and the Dominican Republic signed a commercial treaty that consists of rules for the application of the treaty; a list of products that are approved and included in the treaty, with the corresponding specific origin rules for each particular product; and an agreement for the promotion and mutual protection of investments.
FREE TRADE AGREEMENT BETWEEN THE UNITED STATES, CENTRAL AMERICA, AND THE DOMINICAN RE- PUBLIC (DR-CAFTA). The Free Trade Agreement between the Dominican Republic, Central America and the United States is a great achievement in international commerce. Through it, the Dominican Republic may ex- port its merchandise, goods, and services to the United States, its main commercial partner.