Dominican-Mexico Chamber eyes trade pact with 95% duty-free products

Santo Domingo.- Dominican-Mexican Chamber of Commerce president Carlos Gonzalez on Tuesday proposed a Mexico-Dominican Republic economic complementary agreement, with as high as 95% of the products duty free.

He said a second step would determine whether a free trade agreement should be signed, which he affirms would help boost investment in both countries.

He revealed that Mexican investment in the country is around US$7.0 billion, in key sectors such as telecoms, construction, foods and hotels.

Gonzalez, speaking in the Dominican Industries Association’s (AIRD) breakfast "Mexico: business opportunities," noted the country’s three attractions for foreign investors: geographical position, the 10 million population and Dominican talent.

Trade

ProMéxico director Francisco Gonzalez Diaz said trade between the two countries jumped from US$$468 million in 2004 to US$1.05 billion in 2014.

He said Mexican companies in the country account for more than 15,000 direct and as many as 60,000 indirect jobs.

Export

Dominican Republic Export and Investment Center (CEI-RD) director Jean Alain Rodriguez said exports to Mexico last year reached US$40.8 million, including cocoa, medical devices and rum. In the

AIRD president Campos de Moya said the country needs to lower the barriers for industries that export to Mexico.