The British Chamber of Commerce in the Dominican Republic (Britcham) is organizing a forum to discuss the impacts, challenges and opportunities of the British Exit (Brexit) on the short and medium term trade environment with the Dominican Republic. In a press release, the British Chamber of Commerce highlighted that new opportunities could open up in the case of a bilateral trade negotiation after the impacts and outcomes of the referendum are known. Nevertheless, Britcham stresses that regardless of the outcome, Dominican goods and services will continue to be in demand in the UK, and thus stressing the importance of reaching preferential bilateral agreement to strengthen bilateral trade and investment in the country.
Jose Rodriguez, president of Britcham, said the chamber is closely monitoring the situation and he expressed his commitment to continue to promote, facilitate and increase trade between both nations.
Rodriguez stressed that the UK continues to be a member of the European Union and all agreements are still in place. “The exit will not be immediate and the separation process will take two years. The challenge is how the UK will guarantee agreements with other nations before the exit comes into effect, something that without doubt we will achieve,” shared Rodriguez through the press release.
The UK is the leading Dominican trade partner in Europe, with trade at around US$300 million, including US$169 million in Dominican exports. British investment is estimated at US$1 billion in cinema, financial services, automobiles, food and beverage, call centers, pharmaceuticals, among others.
Francesca Ortiz, executive director of Britcham said that the chamber will offer full support to the authorities of both countries to reach agreements in the shortest time possible to protect trade and investment between the DR and the United Kingdom. See http://www.britchamdr.com
