DOMINICAN REPUBLIC - Diplomacy
Trade Commissioner, the European Union
Karel De Gucht has been the European Commissioner for Trade since February 2010. He is a lawyer by training and a Belgian liberal (Open-VLD). He has held numerous political offices at both the national and European level. He was first elected as an MEP at the age of 26 and has more recently been both Belgium’s Deputy Prime Minister and Minister of Foreign Affairs (2004-2009) before first joining the European Commission as Commissioner for Development and Humanitarian Aid (2009-2010).
The EPA will help the CARIFORUM region grow and develop economically and sustainably. It will improve conditions for business to flourish and to create even more highly skilled jobs. It will help the Caribbean move up the value chain and rely less on traditional exports, such as bananas and sugar, by creating new trading opportunities in the goods and services sectors, such as business and financial, or tourism including health-related and cultural services industries. The agreement helps consolidate the regional market and establish a transparent and predictable economic framework. This will make the region more competitive and in the end more attractive for investment.
The EPA is a pioneer trade-for-development partnership between the EU and its 15 CARIFORUM partners, which include the Caribbean Community and the Dominican Republic. This comprehensive agreement will consolidate and expand our long-standing relations with the region. At the same time, the EPA will support the Caribbean’s own regional integration efforts, which are critical to its development. The EPA replaces the previous trading regime that was based on unilateral trade preferences for goods. All in all, the EPA establishes a true partnership combining the full range of trade instruments to promote sustainable economic growth and investment in the CARIFORUM region.
In my view, there are many areas that have great potential for trade between the EU and the Dominican Republic. Again, it is not appropriate for me to “pick winners.” Tourism has been a major area of activity, which is no surprise given the beautiful beaches, marvelous waters of the Caribbean Sea, fantastic nature, and great cultural sights that this country offers. Certainly, this sector can be further developed. The Dominican Republic has a well-known strong capacity to grow tropical fruit and vegetables, for which it has promoted good outlets through fair trade schemes. But given the geographic position, the specific features of the country, the level of skills, and its other assets, it would seem to me that other sub-sectors are highly promising as well: music or cultural industries could be developed, so could the education or health-based services. On the other hand, there may also be opportunities to produce goods and services for neighboring markets on the American continent. You can also develop to your advantage the region’s linguistic assets. You speak languages common to so many countries that are accessible via the EPA.
European individuals and companies alike certainly take considerable interest in the region. The EPA will help to put the Caribbean more firmly on the map for EU investors, and the region needs to attract more investment to fuel growth and development. That is what the EPA sets out to do: create better conditions for investors in the Caribbean, be they local or of foreign origin, in order to promote the region’s economic development. Today’s globalized economies rely on an international division of labor and businesses seek to source parts or tasks from the most competitive location. Inward investment therefore has the potential to be beneficial to both the Caribbean region and the EU. Such investment will create jobs, enables the transfer of skills and technology, and drive economic growth and development in the region. Of course, these investments intend to make the parent company more competitive and profitable. As a result, the company will also be able to create more jobs and wealth both in Europe and in the region long term.
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