On occasion of the traditional Thanksgiving Day luncheon at the American Chamber of Commerce, the US Embassy Charge d’Affaires Patricia Aguilera spoke and gave a wrap-up of what the DR-CAFTA, the Dominican Republic-Central America Free Trade Agreement has meant for the US-DR relationship.
Signed in 2004, Aguilera says the agreement has cemented the long-shared robust economic bonds between both countries.
Twenty years later, the agreement continues to yield significant benefits for both nations. Aguilera highlighted the DR-CAFTA has been instrumental in tripling the Dominican Republic’s economic growth compared to the regional average.
“Since DR-CAFTA came into effect, three million Dominicans have been lifted out of poverty, and the middle class has expanded significantly,” said Aguilera. “This is a testament to the power of free trade and sound economic policies.”
Aguilera attributed the Dominican Republic’s economic success to a combination of factors, including:
• Solid economic policies: The country has implemented sound macroeconomic policies that have fostered a stable investment climate.
• Increased investment: The DR-CAFTA has attracted substantial foreign direct investment, particularly from the United States.
• Benefits of free trade: The agreement has eliminated trade barriers and created new market opportunities for Dominican exporters.
Looking ahead, she said that while the Dominican Republic has made significant progress, there is the need for continued reforms. She highlighted the importance of investing in education, improving security, and strengthening the rule of law.
“The United States remains committed to supporting the Dominican Republic’s development,” said Aguilera. “We are working together to enhance English language education, combat corruption, and promote good governance.”
The event was also attended by the Dominican ambassador in Washington, D.C., Sonia Guzman. The Biden administration never sent an ambassador to the Dominican Republic, despite Senate hearings approving two candidates over the years.
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Diario Libre
28 November 2024