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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

Luis R. Pellerano P.

Pellerano & Herrera

Lex Mundi

Caribbean/Latin America Regional Conference

San Jose, Costa Rica

March 3, 2006


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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…


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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


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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


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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%


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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


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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


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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


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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


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What are the Implications of DR CAFTA

  • Hot Topics

    • Dealership Law No.176

    • Supposed Lack Protection Local Agricultural Products


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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


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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



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