Opinion Editorial

Secretary of Commerce Carlos M. Gutierrez
Opinion Editorial, Listin Diario, Santo Domingo, Dominican Republic
“Now More Than Ever the Path to Prosperity is Through Trade”

Spanish

“The best way to achieve peace and prosperity for our hemisphere is by strengthening democracy and continuing the economic transformation of Central America and the Dominican Republic.” These words, spoken by President Bush in 2005, embody the United States’ continued commitment to peace, prosperity and continued economic growth throughout the Western Hemisphere.

This week, I have come to Santo Domingo with a delegation of businesses from the United States with the goal of strengthening our countries’ economic relationship and exploring ways to increase economic cooperation. With me are the leaders of American companies, both large and small, who are eager to invest in the Dominican Republic. They are looking to expand into new markets and forge strategic partnerships with their counterparts throughout Central America and the Caribbean.

The Dominican Republic is an increasingly attractive market, which has experienced solid economic growth since 2005. By adopting policies directed toward economic liberalization and greater competitiveness, the Dominican Republic earned a spot among the World Bank’s “top ten reformers.” These efforts have helped encourage business and investment, and the people of the Dominican Republic are reaping the benefits.

These companies with me this week realize the power of trade as a force multiplier in business. For businesses in the United States and the Dominican Republic, trade has been a powerful source of growth. The Dominican Republic-Central America-United States Free Trade Agreement, DR-CAFTA, has been an important catalyst for that growth.

The Dominican Republic is the largest market of the CAFTA-DR countries. In 2007, it was our sixth largest trading partner in goods in Latin America. The United States is the largest market for exports from the Dominican Republic with nearly three-fourths of total exports. As we move forward, CAFTA-DR will further strengthen the economic bond between our nations.

Importantly, CAFTA-DR has not only increased trade between our two nations, it has also increased trade between countries throughout Central America and the Caribbean, boosting the regional economy. Intra-Central American exports grew by 18.5 percent in 2007, following an increase of 10.7 percent in 2006. CAFTA-DR has helped bolster competitiveness throughout the Western Hemisphere and will continue to make our corner of the world more attractive for international business.

There is no shortage of global competitors who are working to give their economies an edge. That is why we must continue to work toward increasing the competitiveness throughout the Western Hemisphere. This week, our efforts are focused on just that. Working together, we will build a stronger region and a stronger hemisphere for future generations.