Economy November 29, 2023 | 8:04 am

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Dominican exports grow towards the European Union

Santo Domingo.- Since its inception in 2008, the Economic Partnership Agreement (EPA) between the Dominican Republic and the European Union has significantly boosted bilateral trade. Over the past 15 years, trade in goods between the two regions has surged by 231%, reaching 4,154 million euros in 2022. Dominican exports to European countries constitute 1.4 billion euros of this total.

Katja Afheldt, the European Union ambassador in the Dominican Republic, remarked that trade between Europe and the Dominican Republic has effectively tripled since the EPA’s signing. The Dominican products entering Europe now are of higher quality, reflecting a diversification in exports. The Dominican Republic has notably become a key supplier of medical equipment, organic bananas, and organic cocoa to the EU.

Afheldt highlighted the importance of maintaining high-quality standards for exports, in line with Europe’s green pact, which encourages a shift toward a more sustainable economy. The EU market is increasingly attentive to environmental concerns, such as deforestation and excessive chemical use in production.

Luis Araque, head of the commercial section of the EU in the Dominican Republic, emphasized the positive impact of the agreement and the diversification of the Dominican export portfolio. This diversification now includes sophisticated, high-value products like medical equipment, supplies, cosmetics, footwear, and clothing.

The Dominican Republic stands out as the leading exporter of organic products to the EU, a testament to the country’s success in adapting to market demands and the opportunities provided by the EPA. Araque noted this achievement as an indicator of the progressive diversification of Dominican exports, moving beyond traditional commodities to include more value-added products.

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