DR-CAFTA on the way

[NewsWhore]

Industry and Commerce Minister Francisco Javier Garcia has said that on Monday the final modifications to the bills needed for the Dominican Republic's entry into DR-CAFTA will be submitted simultaneously to the Chamber of Deputies and Senate for approval. Garcia says that the modifications of bills regarding customs, intellectual property rights, and government contracts and acquisitions are the last bills that need to be approved, and once the Senate and Chamber of Deputies of the DR approve them they will be submitted to the Office of the United States Trade Representative for approval. Garcia says that authorities are working as hard as they can so that DR-CAFTA goes into effect before 2007. As from Monday, the beginning of the free trade agreement will depend on how fast Congress passes these bills. Once they are passed, they will be sent to the United States for President George W. Bush to authorize the beginning of the treaty.
President Leonel Fernandez also sent a project to the Senate that would allow free trade zones exemption from ITBIS (VAT) payment, income tax and other bills. In addition, he submitted two other projects that need to be modified in order to be in line with terms of the IMF Stand-by agreement, World Trade Organization standards, and DR-CAFTA requirements. The President also submitted modifications to a project of bonds, totaling RD$4.46 billion, which was originally approved in 1999 and again in 2005.

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