Santo Domingo.- Inter-American Businesses Association (Asine) president Leonel Castellanos on Monday said the Dominican Republic must reformulate its foreign trade policy in the heels of what he calls unfavorable results from the free trade agreements inked with other Central American and Caribbean nations.
He supports the positon by the Haina Industries and Companies Association, which opposes entering into more free trade pacts until the country reviews those it already signed.
Castellanos, interviewed by newspaper Hoy, said Dominican Republic’s trade balance is still unfavorable because the country lacks a foreign trade policy that promotes exports and makes productive sectors competitive compared with its rivals, despite similar economies.
He said it’s a "shame" the country has a trade deficit with other nations despite having posted the highest economic growth in the Latin American region. "That forces us to examine ourselves within."
Among the factors he says make the country uncompetitive the business leader listed problems of transport, a failed electricity service, expensive fuels, obsolete Labor Code and the lack of regulation to verify the quality of products entering the country.