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Trade Agreement - USA and Dominican Republic - Coursework Example

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The paper "Trade Agreement - USA and the Dominican Republic" deals with the protection of the domestic industry from foreign competition. It explores the Dominican Republic-Central the America-United States free trade agreement and Dominican Republic's trade advantages…
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Trade Agreement - USA and Dominican Republic
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Download file to see previous pages The Dominican Republic is a representative democracy with powers divided between executive, legislative and judicial branches. There is a multi-party political system. From 1996 international observers have found that elections have been generally free and fair after a long tumultuous time period.
There was no growth seen in the 1980s but in the early 90s, the government initiated a program for economic reform opening up the country to foreign investment. Macroeconomic policies were also changed. The economy grew at a rate of 7.6% annually from 1996 to 2000. In the early 2000s, many trading partners suffered recessions and demands fro Dominican republics exports decreased. There was also a domestic banking crisis in 2003 which led to the country getting into an agreement with the IMF. After 2005 president Fernandez was successful in negotiating debt with Paris club member governments and London Club members. The economic growth then recovered to 7.8% from 2004 to 2007. The global economic crisis and the U.S recession hit the Dominican Republic hard. Exports, tourism, and remittances fell, so in 2009 the Fernandez administration negotiated a new 28-month standby agreement with IMF, this agreement will aim to fix the unmet reform of previous agreement in the electricity sector and improving fiscal management.
The most important trading partner of the Dominican Republic is the U.S. Others are Western Europe, China, and neighboring Haiti. Exports comprise of textiles, electronic products, tobacco, sugar, coffee, and jewelry. Imports consist of petroleum, consumer products like automobiles, etc and foodstuff.
On September 5, 5005 the Dominican Republic ratified a free trade agreement with the U.S and five other Central American countries. This agreement named CAFTA-DR started on March 1, 2007. Free trade zones account for most of the Dominican Republic’s revenues. The U.S. alone bought $4.08 billion worth of exports, contributing to the eventual appreciation of Dominican peso against the U.S. dollar. Textile is the major export though due to competition from Asia and a government compulsory increase in salaries there has been a 17% drop in textile imports.
The United States of America is the most powerful nation in the world, centuries of existence has only proved to grow the country’s economy and power every year.
The US has the largest and most powerful economy in the world. Since the great depression, the markets have constantly improved and proved to be successful. In 2008 the recession hit but recently the US has started to come out of it. There was a global economic recession, mortgage crisis, investment bank failures and a credit crunch that pushed the US into recession. This was the greatest economic failure since the great depression. For stabilizing the market a $700 billion fiscal stimulus was created to help the economy recover.
Both countries have enjoyed a pleasant relationship. The United States has always shown an interest in the democratic and economically healthy Dominican Republic. The country is the largest Caribbean economy, with a lot of bilateral trade with the US. The proximity to the US is also a big factor that encourages trade. Close to 100,000 US citizens live in the Dominican Republic and more than 1 million Dominican individuals live in the US which increases remittances for the Dominican Republic. The US has always been a supporter of Dominican republics fair politics, previously the country also intervened when there was a civil war raging. ...Download file to see next pagesRead More
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