Economy December 21, 2023 | 8:13 am

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Dominican Republic and EuroChamber strengthen economic ties with new agreement

Santo Domingo.- The Ministry of Industry, Commerce and MSMEs (MICM) of the Dominican Republic and the EuroChamber of Commerce have signed a Memorandum of Understanding, a significant move to enhance investment, knowledge exchange, and commercial ties between the Dominican Republic and the European Union’s private sector.

The agreement, signed by MICM head Víctor Bisonó and EuroChamber President Jean Marco Pou, aims to bolster bilateral economic relations. Bisonó emphasized the strategic importance of the European market for Dominican products, citing the $4.8 billion trade exchange in 2022, with Dominican exports at $1.1 billion and imports at $3.7 billion. Key exports include cocoa, bananas, rum, cigarettes, and medical instruments.

The Dominican Republic, noted by Bisonó as the Caribbean’s leading destination for European foreign direct investment, stands out for its political and economic stability, dynamism, and international presence. This agreement represents an opportunity to identify and overcome trade barriers, thereby streamlining exchange processes.

Pou highlighted the fundamental nature of this alliance, underscoring the robust and growing export-import relationship between the regions. The agreement is viewed as a milestone in further developing these commercial ties.

The partnership between the MICM and the EuroChamber aims to promote bilateral economic relations, supported by various initiatives, actions, and projects. It is expected to facilitate the marketing of goods and services and identify business opportunities, particularly within the framework of the Economic Partnership Agreement between CARIFORO and the European Union.

The signing was witnessed by key figures from both sides, including EU Ambassador Katja Afheld and Luis Aranque, head of the Commercial Section of the EU Delegation in the Dominican Republic. This collaboration marks a significant step towards strengthening the Dominican Republic’s position in the global economic landscape.

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