Economy December 9, 2023 | 11:00 am

Buy car in DR

Korea asks Dominican Republic to sign free trade agreement

The Dominican ambassador to South Korea, Federico Cuello. Arlenis Castillo

Ambassador Federico Cuello says that the Barceló brand rum will soon be exported to Asian nations for cocoa and coffee.
South Korea continues to be interested in signing a free trade agreement with the Dominican Republic, which would benefit the country since the economies of both countries do not compete but complement each other.

The Dominican ambassador to South Korea, Federico Cuello, said that it is favorable to maintain bilateral relations with this Asian country because it not only seeks markets to export its products but also makes significant investments and technical advice in countries like the Dominican Republic so that they can meet the requirements of their market.

He cited as an example that it has contributed to the Dominican Republic’s export promotion policies and efficient customs, in addition to the fact that it is working on the design of an energy transition plan so that there are the regulations and investments required for the reduction of carbon emissions (Co2) in electricity generation and transportation.

He also said that the Dominican Republic could soon be the fourth country to have a strategic alliance with South Korea, which would be a priority for both nations to maintain a resilient supply chain.

He added that the Asian nation is a pivotal global state because it possesses the technology and products needed to meet the world’s challenges, including reducing CO2 emissions and creating circular economies.

He emphasized that as a global pivot, Korea needs reliable markets such as the Dominican Republic because it has a growing economy and, therefore, a growing middle class with the purchasing power to acquire its technological and mobility innovations.

In addition, it needs the so-called “critical” minerals that the country produces, such as ferronickel, bauxite, zinc, and copper.

The Dominican Republic is also a logistic center with a geographical advantage due to its proximity to the United States and Europe.

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Paul Tierney
December 10, 2023 8:06 am

It may be a good deal. It needs to be studied. It has its benefits and drawbacks. It increases the marketing opportunity for Dominican sellers. The large distance between the countries will impact the transportation costs for movements of cargo and on time reliability.

December 11, 2023 2:38 pm

A great initiative would be for the government to make a push to attract investments in the automotive industry. South Korea is one of the global leaders in car manufacturing, they can open up factories in the DR, provide quality jobs for Dominicans, and supply the huge demand for automobiles in North and South America.