Dominican negotiator deems Free Trade with Tawian will be ready by 2007

http://www.dominicantoday.com 25/10/06

Santo Domingo.- Foreign Relations' Trade Offfice chief negotiator Julio Ortega prognosticated that the Free Trade Agreement with Taiwan would be ready by the beginning of the forthcoming year.

Yesterday’s was the initial round of negotiations on the matter and meetings are to continue through Friday.

Formal negotiations between the two nations began after Taiwan’s president, Chen Shui-bian, visited the country in September 2005. Afterwards, president Leonel Fernandez returned the visit traveling on a official tour to Taipei in June this year, during which time both presidents agreed to expedite negotiation processes.

Initially, such issues as marketing procedures, and trade and investment-related matters are being discussed.

With this FTA, it is expected that Taiwanese investments in the Dominican Republic would increase noticeably, as well as would exports to the Asian country.

Taiwanese investments in the Dominican Republic are in the realm of US$100 million, contributing to creating 3,500 direct jobs and to economic development in the country.

While the country benefits from free trade with the United States in that the agreement allows access of local products to US markets, opening commercial activity with Taiwan should pursue bringing new investment to the country, according to Hugo Rivera, coordinator of the DR-CAFTA.

Rivera considered that while there is very little that the Dominican Republic could export to Taiwan, the country would benefit from investments and transferred technology.