Local November 22, 2023 | 3:21 pm

Study reveals Dominican export opportunities through global value chains in which Mexico participates

Santo Domingo.- The Ministry of Foreign Affairs (MIREX) of the Dominican Republic, in collaboration with the Dominican Embassy in Mexico and the Economic Commission for Latin America and the Caribbean (ECLAC), presented a study titled “Study on Productive Linkages between Mexico and the Dominican Republic.”

This study unveils potential avenues to bolster trade relations between the two nations, particularly through integrating Dominican exports into global value chains where Mexico is a participant.

Key findings from the ECLAC study suggest that the Dominican Republic could benefit from the flexibilities of the Free Trade Agreement between Canada, the United States, and Mexico (T-MEC). This agreement allows these countries to depend on third parties for the production processes of certain products.

Representatives from ECLAC, including Leda Peralta and consultants Luz María de la Mora, Dora Rodríguez, and César Remis, identified promising export opportunities for the Dominican Republic. These include cotton fabric, tobacco, molasses, ferroalloys, bananas, cocoa beans, and medical instruments. The study also highlighted the potential for exporting cardboard boxes, tanks, bottles, and other packaging materials for products Mexico exports to other countries.

Vice Minister for Economic Affairs and International Cooperation, Hugo Francisco Rivera, emphasized the potential for strategic partnership despite the lack of a formal trade agreement. He noted the opportunities arising from Mexico’s Manufacturing, Maquiladora and Export Services Industry (IMMEX) program, which allows Mexican companies to import goods tax and tariff-free for use in production processes aimed at exports.

Dominican Ambassador in Mexico, María Isabel Castillo Báez, facilitated the study’s development and presentation to enhance economic relations and incorporate Dominican products into Mexico’s supply chain. Mexico imports over 90,000 million dollars worth of intermediate products for incorporation into final products, which are then re-exported to the United States and Canada under T-MEC.

This initiative aligns with the second axis of Dominican foreign policy under President Luis Abinader and Foreign Minister Roberto Álvarez, focusing on increasing exports and foreign investment to generate more jobs. Representatives from various Dominican industries and commerce sectors, including the Ministry of Industry, Commerce and MSMEs, the General Directorate of Customs, and the Dominican Mexican Chamber of Commerce, attended the presentation.

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