Dominican ambassador to South Korea, Federico Cuello has been addressing the issue of free trade with South Korea for years now. Vice President Raquel Peña visited South Korea this past April 2023 to foster closer relations. In Santo Domingo for the Christmas holidays, Cuello gave Hoy an interview stressing the advantages of signing a free trade agreement with an Asian country.
Talks have been ongoing with the Dominican government. The move would improve the competitiveness of South Korean exports, including vehicles and cell phones, at a time when low cost Chinese vehicle imports are flooding the market.
South Korea has already had free trade since 2021 with several Central American countries — Panama, Costa Rica, Honduras, Nicaragua, and El Salvador.
The free trade agreement with the DR agreement would reduce the cost of high-tech items such as cell phones and automobiles, good news for Dominican consumers. But it would also make Dominican rum, cacao, coffee, cigars, plantains and bananas, sugar, juice, apparel, medical devices and even pharmaceuticals more attractive for selling in South Korea.
The Dominican Republic is also of interest to Korea because of its mining production — ferronickel, bauxite, zinc, and copper.
Cuello also highlighted that South Korea is well aware of the importance of the Dominican Republic as a logistics center, given its proximity to the United States and Europe.
The Dominican ambassador told Hoy that the Dominican Republic would gain significant investments and technical assistance with the signing of the free trade agreement.
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Hoy
Diario Libre
Diario Libre
11 December 2023