Work is progressing towards the creation of the Caribbean Economic Block, which will bring together productive sectors in Puerto Rico, Cuba and the Dominican Republic. The objective is to unite the Spanish-speaking Caribbean in order to increase added value of production and complementary advantages for improved competition, said Circe Almanzar, executive vice president of the Dominican Republic Association of Industries (AIRD). Yesterday, Tuesday 14 March 2016, Carlos Rivera Velez of the Puerto Rico Association of Industries said that the new block seeks to make long-term sustainable economic gains. Rivera traveled to Santo Domingo for talks at the AIRD headquarters. Their next meeting will be held in June 2016.
AIRD president Campos de Moya said that the two associations have agreed to continue working to develop and consolidate a business climate where both countries can increase their competitiveness and establish strong productive linkages between each other and with third countries. Puerto Rican and Dominican business representatives are also looking to establish links with Cuba. Rivera believes that they have to capitalize on the new trade opportunities opening up in Cuba. “Instead of fearing that Cuba could pose a threat to us, we simply need to understand the situation and act proactively so that together we can find ways of maximizing these opportunities. We hope that in the not too distant future, we can be the Dominican Republic, Puerto Rico and Cuba working together as a productive economic block for each of our countries and to strengthen the region,” said Rivera, as reported in Diario Libre.
Trade between Puerto Rico and the DR is at US$1.5 billion a year, not counting the Puerto Rican companies located in the DR, and Dominican companies located in Puerto Rico.
http://www.diariolibre.com/economia/industriales-de-dominicana-y-puerto-rico-promueven-bloque-caribeno-XB3030462
