President Leonel Fernández said that even though the Dominican Republic and Central American countries do not share a common currency, the free trade agreement signed on 16 April is the start of a relationship where all will benefit from economic growth and trade expansion. He compared the signing of the agreement to riding the engine of the train to globalization, rather than in the last carriage as has been traditional. "We are advancing on an irreversible road, the road of openness and liberalization of markets," said Fernández. He said that the signatory nations have the firm decision to provide the conditions for competitive markets to develop, and the will to eliminate obstacles in the way. Fernández said that open markets will bring new jobs and wealth. Furthermore, he said that this first step toward a strategic regional alliance, as proposed in the November Declaration of Santo Domingo, will bring increased production and the incorporation of new technologies in the region. He said it will provide the framework for the development of joint trade policies to present a united front before international organizations in which the DR is a member, such as the World Trade Organization, and for joint negotiation in the Free Trade Area of the Americas. "The FTAA is a great common goal of our hemisphere," said Fernández. "The challenge for our countries is how to go about it in order to guarantee the greater benefits for our people." Fernández said that the experience of the European integration process has taught that the conditions that favor international trade are more or less the same that facilitate intra-regional trade, and these also boost domestic commerce. He said that the economic globalization that characterizes the present geopolitics of the world requires the creation of organized regional blocs that trade among each another and use modern criteria to negotiate and prosper amidst a world of trading blocs. "The signing of this agreement by the Dominican Republic with Central America sets a transcendental mark in our economic history," said the President. "For the first time our country has a multilateral trade tie, covering goods, services and investment. This is a step towards the strategic alliance of the Caribbean," said the President, explaining that the government has the firm purpose of signing a free trade agreement with the Caribbean Community, for which negotiations are advanced. It is expected that this agreement could be signed in August. The Central American leaders are due to sign a framework free trade agreement with South American trade bloc Mercosur in Buenos Aires later this month.
