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Trade Agreement: USA and Dominican Republic - Term Paper Example

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Course: Instructor Name: Part 1  Introduction: History of Dominican Republic: Dominican Republic gained independence in 1844. In 1861 they voluntarily returned to their former colonial Spanish empire but two years later a war was waged for independence again in 1865…
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Trade Agreement: USA and Dominican Republic
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Download file to see previous pages In 1966 general elections were held in which Bosch was defeated by Joaquin Balaguer. This followed another 30 years of dictatorship and unrepresented rule but international reaction forced him to step down in 1996. Since then regular, fair elections have been held. Leonel Fernandez won election for a second term in 2004. Geographically the area is very small, compared to U.S., Dominican Republic is the size of Vermont and New Hampshire combined. Political conditions: Technically 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. Economy: 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 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. Trade: The most important trading partner of Dominican Republic is the U.S. Others are Western Europe, china and the neighbouring Haiti. Exports comprise of textiles, electronic products, tobacco, sugar, coffee and jewellery. Imports consist of petroleum, consumer products like automobiles etc and foodstuff. On September 5, 5005 the Dominican Republic ratified a free trade agreement with U.S and five other Central American countries. This agreement named CAFTA-DR started on March 1, 2007. Free trade zones account for the most of Dominican Republic’s revenues. U.S. alone bought $4.08 billion worth of exports, contributing to the eventual appreciation of Dominican peso against 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. UNITED STATES: 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 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 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. U.S. DOMINICAN REPUBLIC RELATIONS: Both countries have enjoyed a pleasant relationship. ...Download file to see next pagesRead More
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