Dominican Customs chief says “speculators” keep consumer prices high

http://www.dominicantoday.com 04/05/07

Santo Domingo.-Customs director Miguel Cocco yesterday complained that prices of products imported without tariffs under the Free Trade Agreement have yet to drop to benefit consumers, attributing it to “speculators.”

The official pointed out that for over a year the 13% exchange commission was eliminated and that over 4,000 products enter with a zero tariff rate since March.

Cocco said that even with lower costs for importers and producers locally, prices have not dropped.

The official said with Free Trade with the United States the Government has sacrificed over RD$400 million in revenues, which must be reflected in lower prices, and said that some importers and retailers are “speculators.”

Cocco was interviewed in the 74th anniversary ceremony of the founding of the National Treasury.