NewsWhore
03-27-2008, 06:00 PM
Industry and Commerce Minister Melanio Paredes says that the country has benefited from the DR-CAFTA agreement, because capital goods, including machinery and raw materials can now be purchased at lower prices. During a speech at the American Chamber of Commerce (AmCham) luncheon Paredes cited a report by the Ministry of Hacienda that indicated that of the US$982 million in untaxed imports to the DR, 23% was made up of capital goods, 54.7% represented raw materials and 22.3% represented consumer goods. Paredes also said that during the last 15 years, foreign direct investment in the DR has shown considerable growth, going from US$916.8 million in 2002 to US$1.7 billion in 2007. Foreign direct investment grew by US$238.7 million between 2006 and 2007. Paredes says that investment has been fortified by the confidence brought on by DR-CAFTA.
Although there have been many benefits from DR-CAFTA, Paredes did acknowledge that Dominican exports have decreased from 52.4% in 2005 to 43.3% in 2007. The Minister attributed this to the increased strength of the Chinese economy and the removal of textile quotas by the US.
Paredes said that total DR-CAFTA imports and exports, for all countries, went from US$32 billion in 2003 to US$41.2 billion in 2007, which represents a 28.9% increase. The minister also spoke of the way in which the agreement has strengthened competition, adding that DR-CAFTA is very important for the Dominican economy's future development.
He also commented that DR-CAFTA strengthens Dominican institutions, contributes to the efficient development of the economy and strengthens the judicial system. Other benefits include the integration of the country into the world economy.
More... (http://www.dr1.com/index.html#1)
Although there have been many benefits from DR-CAFTA, Paredes did acknowledge that Dominican exports have decreased from 52.4% in 2005 to 43.3% in 2007. The Minister attributed this to the increased strength of the Chinese economy and the removal of textile quotas by the US.
Paredes said that total DR-CAFTA imports and exports, for all countries, went from US$32 billion in 2003 to US$41.2 billion in 2007, which represents a 28.9% increase. The minister also spoke of the way in which the agreement has strengthened competition, adding that DR-CAFTA is very important for the Dominican economy's future development.
He also commented that DR-CAFTA strengthens Dominican institutions, contributes to the efficient development of the economy and strengthens the judicial system. Other benefits include the integration of the country into the world economy.
More... (http://www.dr1.com/index.html#1)