In a conference yesterday attended by Industry & Commerce Minister Sonia Guzman, the executive vice-president of the Dominican-American Chamber of Commerce, William Malamud, commented on the recently completed round of negotiations towards a free trade Agreement between the Dominican Republic and the United States, held in Puerto Rico. Malamud identified the DR as a strategic trading partner for the US, based on the rapid growth and diversification of the Dominican economy over the last two decades and the virtual disappearance of state-run enterprises. “Most of the Dominican economy has opened up significantly, and is competing successfully in the global economy,” said Malamud. The US is the DR’s prime trading partner, with exports of US$4.17 billion, which represent 80% of total exports. Half of all imports into the DR come from the US, totalling US$4.27 billion. According to Malamud, the DR was the third-largest market for US exports in the Western hemisphere outside NAFTA, and the fourth-largest supplier to the US. The DR is pursuing a free trade agreement in order to maintain parity with its regional competitors in market access to the US, in the context of the imminent trade accord with the Central American nations, and which, in the absence of an agreement with the DR, could push the DR aside in US trading habits. In addition, the DR needs improved market access for its textile exports, as well as more flexible rules of origin. A third goal, continued Malamud, is a more stable investment climate that is not subject to arbitrary changes, which would minimize uncertainty and represent less risk for investors. Finally, the American Chamber of Commerce believes that free trade, and an FTA, would promote, strengthen and deepen the institutional and policy reform process already under way in the DR. It called for assistance in helping the DR adjust to the new reality, including flexibility on tariff reduction schedules. In conclusion, William Malamud stated his belief that such an agreement would benefit both the US and the DR, with a growth in both imports and exports between the two countries. He congratulated the FTA negotiating team and representatives of the private sector for their work so far. The next round of negotiations is scheduled to continue in Washington DC next month.