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Implications of DR-CAFTA for the Dominican Republic

Implications of DR-CAFTA for the Dominican Republic. Luis R. Pellerano P. Pellerano & Herrera Lex Mundi Caribbean/Latin America Regional Conference San Jose, Costa Rica March 3, 2006. Implications of DR-CAFTA for the Dominican Republic. Agenda

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Implications of DR-CAFTA for the Dominican Republic

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  1. Implications of DR-CAFTA for the Dominican Republic Luis R. Pellerano P. Pellerano & Herrera Lex Mundi Caribbean/Latin America Regional Conference San Jose, Costa Rica March 3, 2006

  2. Implications of DR-CAFTA for the Dominican Republic • Agenda • Meaning of DR – USA Relationship. Local Situation • Statistics • DR Political and Macro Economic Situation • What Are The Implications Of DR CAFTA • Hello !!!, We Are Not Home Yet • Changes To Legislation • Local Elections of Congress and Municipalities • Hot Topics • Dealership Law No.173 • Supposed Lack Protection Local Agricultural Products • For the Legal Profession • In Conclusion…

  3. Meaning of DR – USA Relationship • Statistics • Population 9 million • Bilateral Trade US/DR $9.3 billion (est) • Total Imports $7.9 billion (est) • Imports from US $4.7 billion (est) • US Imports Market Share 59% DR is the 7th Largest market in the entire Western Hemisphere for US exports, after Canada, Mexico, Brazil, Venezuela, Colombia and Chile. The DR is also the largest market of the CAFTA-DR countries

  4. Meaning of DR – US… Local Situation • DR Political and Macro Economic Situation • Administration No Control of Congress. Election are coming in May but …may not bring much change • Election Year Means: • Everything Is Political • Little Activity Until New Congress Inaugurates In The Fall • DR had ´03 and ´04 major financial crisis. Largest ever in proportion to GDP

  5. Meaning of DR – US… Local Situation • DR Political and Macro Economic Situation • Since Fall ´04 President Fernandez is Back in Power • IMF Agreement in Place. DR Exceeded Almost All Targets But Power Industry • On The Road To Recovery. GPD ´06 9%. Top Three In The World. Inflation 7.44%

  6. What are the Implications of DR CAFTA • Hello !!!, We Are Not Home Yet ! Official Statement: “Both governments are working toward an implementation of the agreement as soon as possible” However, informally …. Politics and Extent of Legislative Changes will … Bottom Line: Unlikely will be in July 1st,2006

  7. What are the Implications of DR CAFTA • Changes to Legislation • Several pieces of legislation has to be amended. Some before, some after. Some are regulations • AMCHAM Draft • Not necessarily legally required but needed politically for certainty in interpretation by local courts of agreed terms under the treaty

  8. What are the Implications of DR CAFTA • Changes to Legislation • Several pieces of legislation has to be amended. Some before, some after. Some are regulations • AMCHAM Draft • Not necessarily legally required but needed politically for certainty in interpretation by local courts of agreed terms under the treaty

  9. What are the Implications of DR CAFTA • Local Elections of Congress and Municipalities • Will Take Place May 16th • New Congress Inaugurates August 16th • It Is Expected Administration Will Increase Participation But Never Control

  10. What are the Implications of DR CAFTA • Hot Topics • Dealership Law No.176 • Supposed Lack Protection Local Agricultural Products

  11. What are the Implications of DR CAFTA • For the Legal Profession • Foreign Lawyers Are Subject to Limitations Imposed by Law. Need be Dominican to Practice • Foreign Lawyers can Render Advice on Laws of its Own Country, Provided Admitted in Said Jurisdiction

  12. In Conclusion… • DR CAFTA will happen for the DR. Opposition Is Limited • Sorry, We Will Not Run As Fast As El Salvador • Lots of Opportunities Will Open • Sale of US Products. US Consumer Goods 70% Market Share • M&A are Already Happening Everywhere • Industrial Opportunities. Ethanol, And… • Eventually More Work for Lawyers

  13. www.phlaw.com

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