Rum and tobacco could lose market

[NewsWhore]

Dominican rum and tobacco's duty-free access to the European market will heavily depend on the signing of the Caribbean Economic Partnership Agreement (EPA) with Europe, as reported in Hoy. Jose Alberto Garcia, president of the Barcelo Rum board of directors and vice president of the Dominican Rum Producers Association, said that duty-free rum's access to the European market would come to an end this December. Garcia is in favor of the Caribbean signing the EPA as has been proposed in time for it to be enacted in 2008. Garcia explained that Dominican rum is sold in 40 countries, but the European (Spain, Italy, Germany and Czech Republic) market is the most important. In 2006 the country exported 600,000 cases of rum. Luis Nunez, president of the Santiago Association of Commerce and Industries (ACIS), said that the EPA would be highly beneficial for the local tobacco industry. While the DR has 60% of the US market, it has a healthy 40% market share in Europe. In 2006, 40 million Dominican cigars were exported to Europe for a total value of US$40 million.

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