Speaking at the American Chamber of Commerce monthly luncheon held yesterday, Tuesday 20 May, the business group’s president Maximo Vidal said that the market liberalization of DR-CAFTA to be phased in by January 2015 would only affect 10% of products covered by the free trade treaty with the United States. He said that 90% of imports are already duty free. The duty free treatment has been phased in gradually, he said, adding that the latest tariffs are at 2 or 1.4%.
“In the past seven years we have already been through the main impacts of the treaty,” he said. Vidal highlighted that the country needed to improve cargo transportation and modernize its customs laws. Also speaking at the event, Senate president Reinaldo Pared stated that the new General Customs Bill has not yet been approved because the Customs director has not agreed to meet with the senators who are studying the bill.