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Govt signs FTA with Dominican Republic
02 Mar '07
1 min read
As dispute over fuel transportation rights was resolved, a free trade agreement has been signed with Dominican Republic.
On Wednesday, President George W Bush signed proclamation amending trade dealing and decreasing tariffs.
This move took place two and a half years after Dominican Republic-Central American Free Trade Agreement (DR-CAFTA) was first agreed.
This free trade agreement is expected to boost export sector of Central American country by increasing textile shipments to US.
Delay in signing of deal took place mainly due to dispute with US Oil Company, which cancelled transportation contract of 45 fuel transportation companies of Dominican Republic.
Dominican Government asked compensation for local firms but gave up its demand in last week.
On Wednesday, President George W Bush signed proclamation amending trade dealing and decreasing tariffs.
This move took place two and a half years after Dominican Republic-Central American Free Trade Agreement (DR-CAFTA) was first agreed.
This free trade agreement is expected to boost export sector of Central American country by increasing textile shipments to US.
Delay in signing of deal took place mainly due to dispute with US Oil Company, which cancelled transportation contract of 45 fuel transportation companies of Dominican Republic.
Dominican Government asked compensation for local firms but gave up its demand in last week.
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