CARICOM Dominican Republic Free Trade Agreement
The third Agreement signed by CARICOM, in which Barbados is a Party, is the CARICOM Dominican Republic Free Trade Agreement. This Agreement was signed in August 1998, ratified in June 2006 and is a reciprocal trade Agreement between the five CARICOM MDCs of Barbados, Guyana, Jamaica, Suriname and Trinidad and Tobago and the Dominican Republic (DR). The trade relation between the DR and the LDCs of CARICOM is based on non-reciprocity with the understanding that this arrangement would have been reviewed in 2005. This review has not yet been conducted.
The Agreement addresses major areas such as Trade in Goods, Trade in Services, Economic Cooperation and Government Procurement inter alia.
The Trade in Goods component of the Agreement consists of an exclusion list and a phased reduction of duty list both of which comprise a small number of goods. Hence, the list of goods liberalised is considerably extensive. It should be noted that the phasing process for goods under this list has been completed.