2005News

Trade with Canada

Dominican commerce with Canada is currently US$555.6 million on the deficit side of the balance sheet. Since 2002, the numbers have been – US$58 million; – US$49.3 million; -US$24; and for the first nine months of 2005 – US$383.5 million. Recently, the Dominican authorities have requested the restart up of trade talks that may lead to a Free Trade Agreement with Canada, similar to the DR-CAFTA agreement. According to Yolanda Viscaino, the executive director of the Dominican-Canadian Chamber of Commerce, such a deal will increase the trade flow between the two countries. According to the DCCC executive, bilateral agreements have “improved” the flow of trade, and she pointed out that things such as packing expenses have been much improved. The executive also agreed that there were fewer “delays” in clearing customs with agricultural products. In the past, Dominican products were not properly packed for Canadian customs approval and as a result, the process was very slow. The Dominican Republic ships ferronickel bars, silver-gold alloys, cigars, fish, pants, underwear, dental floss, baseball hats, ties, cloth bags, transformers, polo shirts, dry coconut meat, eggplant, bell peppers, red peppers and other agricultural products to Canada. The Dominican Republic imports newsprint in rolls and sheets, beans, sardines, salt cod, powdered milk, apples, wheat, medicines, and heavy front loaders and cargo lifters from Canada.