The 15-member Caribbean Community (CARICOM) and the Dominican Republic signed a free trade pact on Saturday, 22 August, at the closing of the Special Meeting of Heads of State and Government of Cariforum held in Santo Domingo. The agreement practically doubles the markets for the DR and CARICOM nations. The DR brings eight million consumer market to the estimated seven million English-speaking Caribbean market. The accord is expected to give free access to about 8,000 goods, remove trade barriers, promote investment and encourage cooperation in sectors ranging from tourism and banking to mining and agriculture. CARICOM President Kenny Anthony, who is St. Lucia’s Prime Minister, and signed the agreement on behalf of CARICOM, said the accord was "a giant step in reducing the economic balkanization" of the Caribbean. President Leonel Fernández signed for the Dominican Republic. The Listín Diario, the leading newspaper of the DR, editorialized that the agreement places the DR in the route of the consolidation of its foreign commerce. The 16 nation block is seeking strength in unity to not succumb to the stronger trade blocks now being forged in the Western Hemisphere and the rapid liberalization of international trade. The next step is to create a strategic alliance between the Caribbean and Central America, an area of 60 million consumers. The DR, which has signed trade agreements with both, expects to serve as a bridge to what would be an even bigger consumer market and geopolitical influence group. The free trade accord, that still needs to be ratified by the respective legislative bodies, is expected to eventually remove most tariffs between the Caribbean Community and the DR.
