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 The
Dominican Republic's economy boomed in the
1990s, expanding at an average rate of 7.7% per
year from 1996 to 2000. Tourism (the leading
foreign exchange earner), telecommunications,
and free-trade-zone manufacturing are the most
important sectors, although agriculture is still
a major part of the economy. The Dominican
Republic owed much of its success to the
adoption of sound macroeconomic policies the mid
of 1980s and greater opening to foreign
investment.
The Dominican Republic's most important trading
partner is the United States (75% of export
revenues). Other markets include Canada, Western
Europe, and Japan. The country exports
free-trade-zone manufactured products (garments,
medical devices, etc.), nickel, sugar, coffee,
cacao, and tobacco. It imports petroleum,
industrial raw materials, capital goods, and
foodstuffs.The Dominican Republic has a trade
agreement with the United States known as D.R-
CAFTA and also with the European Community which
is called EPA. Both trade agreements provide
free access to those markets for the goods
produced in the Dominican Republic.
An important aspect of the Dominican economy is
the Free Trade Zone industry (FTZ), which made
up U.S. $4.55 billion in Dominican exports for
2006 (70% of total exports).
In the Dominican Republic you will find the
world famous hand-made Cigars, the exquisite
mountain inorganic Coffee from Polo,Barahona and
the strong but delicious dominican Beers but
also our Rhums made from sugar cane.The
Dominican Republic has a Preferential Access to
the United States Market through the DR-CAFTA
Agreement.
The Dominican Republic has a Preferential Access
to the European Union Community through the EPA-CARIFORUM
Agreement. |
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