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BRITCHAM analyzes future relationships between UK-DR post-Brexit

BRITCHAM analyzes future relationships between UK-DR post-Brexit

The British Chamber of Commerce of the Dominican Republic (BRITCHAM) analyzed the potential implications that the eventual departure of the United Kingdom of the European Union will have on the policy, bilateral trade and investment between the two countries at a business forum entitled "A new chapter in history: Relationship between the Dominican Republic and the United Kingdom after the Brexit ".

According to the Executive Director of the BRITCHAM, Francesca Ortiz, “these initiatives are a platform to promote, facilitate and increase bilateral trade between the two countries by promoting spaces for dialogue that allow insight into the diplomatic, legal and economic implications of the decision taken by the United Kingdom”.

The event, which was attended by Chris Campbell, Ambassador of the United Kingdom in the country; César Dargam, Vice Minister of Foreign Affairs; and Jean Alain Rodriguez, Director of CEI-RD; as well as economists and analysts, allowed to discuss the future challenges and opportunities for the country of the decision taken by the UK.

"Although financial markets have recovered after the Brexit, this does not means that uncertainty has vanished. There are still many unanswered questions, and this seminar developed by the British Chamber of Commerce seeks to clarify many of these concerns", said Jose A. Rodriguez, President of the BRITCHAM.

Ambassador of the United Kingdom in the country Chris Campbell stated that we will not see immediate impacts for the Dominican economy after Brexit. "We recognize the need for a smooth transition that minimizes disruption of our business relationships. I have challenges ahead, but also have greater opportunities for the development of a vibrant new relationship in a number of issues, not only trade ", he explained.

For his part, the Vice Minister of Foreign Minister César Dargam said the Dominican government respects the sovereign decision taken by the people of the UK, and already has had preliminary talks to discuss the terms of future trade agreements to develop. "The Dominican Republic will seek to replicate the current terms of the EPA," he said.

The Director of the Center for Export and Investment of the Dominican Republic (CEI-RD), Jean Alain Rodriguez, highlighted the work of preparation that the institution, along with other state agencies, has been developing to support bilateral trade relations. "We are prepared for the worst scenario. That is why we are evaluating potential new markets and supporting the private sector in the search for substitutes markets. This is the first of several preventive measures taken by the Government, through the CEI-RD, to prevent the so-called "Brexit" affect the Dominican economy", said the director of the CEI-RD.

By analyzing in commercial terms, the economist Roberto Despradel stated that greater attention should be paid to achieving a free trade agreement that maintains or enhances the current conditions of the current agreement with the European Union.

"Much of the effort post Brexit rests with the banana sector, which is our main export to the UK and as such will be essential in future negotiations. As a country we must defend our privileged position that allows preferential access to this product, and monitor negotiations in other countries”, said Roberto Despradel, Vice President of the firm DASA.

When assessing regulatory terms the impact of Brexit, Marcos Peña, lawyer and founding partner of the firm Jimenez Cruz & Peña explained that although there ae no changes in the immediate future, "the Dominican government working together with the private sector should set a two ways strategy (regional and bilateral) to push an agenda of trade and development with the United Kingdom".

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