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Dominican Republic and Cuba Begin Talks on Trade Agreement

LADB Article ID: 80291
Category/Department: Dominican Republic
Date: 2017-05-11
By: Crosby Girón

The Dominican Republic and Cuba have begun formal negotiations designed to broaden bilateral relations in terms of trade. Dominican Foreign Minister Miguel Vargas and Cuban Deputy Foreign Minister Ileana Núñez signed a document in April establishing a framework for the talks. During the signing ceremony, Vargas told the press that exports to Cuba from 2010 to 2015 totaled US$53 million, while Cuban exports to the Dominican Republic during the same period increased by 38%, totaling US$38 million. Vargas said the talks would enable the two countries to explore new financial instruments that boost and strengthen trade. The aim, said Vargas, is to give exporters security. Vargas described the initiative as a “milestone” in the bilateral relationship with Cuba. He said it would “pave the way for two countries with strong historical and cultural ties to build an even stronger relationship that will benefit both parties.” The agreement establishes a timeframe for negotiations that aim to phase out restrictions on bilateral trade other than tariffs. This should increase trade relations and cooperation between the two parties and encourage the participation of various economic actors, Vargas said

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