Foreign Relations Minister Hugo Tolentino Dipp announced the signing of a free trade agreement with Panama that reactivates an original agreement dating back to 1985. Panamanian Industry & Commerce Minister Joaquin Jacome Diez traveled to Santo Domingo to sign the accord on behalf of the Central American country. The first phase of the pact lists 204 agronomic and industrialized products that will enjoy duty-free treatment, and includes 17 items produced in free trade zones. Ministers Jacome Diez and Tolentino Dipp told the press that the success of the agreement will depend on the business community and its ability to take advantage of the pact. These merchants will have to wait, however, until the congresses of both countries give the treaty the stamp of approval that is needed to make the rules of trade valid.
Santiago Tejada, in charge of trade negotiations for the Dominican Republic, said that at present, trade between both countries stands at US$15 million. Panama and the Dominican Republic have combined populations of 11 million people, plus a floating population of three million tourists. Tejada said that the two economies complement each other well.