Cuba and the Dominican Republic signed an agreement framework for the start of talks leading to the signing of a Partial Scope Trade Agreement between both countries for increases in trade, economic and cooperation ties. The DR has a similar PSA agreement with Panama.
The agreement was signed at the Ministry of Foreign Relations in Santo Domingo by Foreign Minister Miguel Vargas and Cuban Deputy Minister for Foreign Relations and Foreign Investment Ileana Núñez represented the Cuban government.
Vargas called the initiative “a historic moment for Cuban-Dominican relations”.
He said bilateral trade between both countries was US$91 million in 2015, including US$53 million in Dominican exports to Cuba and US$38 million in imports.
Vargas explained the agreement framework seeks to establish a negotiation schedule for the signing of the Partial Scope Trade Agreement in the short term. He said the agreement will facilitate economic cooperation, taking advantage of the production capacities of both countries.
The Partial Scope Agreement will eliminate non-tariff restrictions on bilateral trade, which will contribute to an increase trade between Cuba and the Dominican Republic. Vargas said the ongoing talks will generate financial instruments to stimulate and strengthen trade, with the creation of policies that will offer guarantees to the exporters of both countries.
“Without doubt, we are the two most important islands in the Caribbean”, Vargas stressed. He said that the shared cultures, music, gastronomy, art and sports highlight the strong bond between two countries. The Foreign Minister said historically trade was carried out without tariffs and obstacles. He explained that diplomatic ties were begun in 1902, and although trade was interrupted from 1959 to 1998, “we always maintained close relationship of friendship and brotherhood.”
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Ministry of Foreign Relationsio
10 April 2017
