Korea invites the Dominican Republic to enter into a free trade agreement

The Dominican ambassador to South Korea, Federico Cuello. Arlenis Castillo

Ambassador Federico Cuello states that Barceló brand rum will soon be exported to Asian nations for cocoa and coffee.

South Korea remains interested in signing a free trade agreement with the Dominican Republic, which would benefit the country since the economies of both countries do not compete but rather complement each other.

The Dominican ambassador to South Korea, Federico Cuello, said that it is favorable to maintain bilateral relations with this Asian country because it not only seeks markets to export its products but also makes important investments and technical advice in countries like the Dominican Republic so that they can satisfy the needs of your market.

He cited as an example that it has contributed to the Dominican Republic’s export promotion and efficient customs policies, in addition to working on the design of an energy transition plan so that the necessary regulations and investments exist to reduce carbon emissions. (Co2) in the generation and transportation of electricity.

He also said that the Dominican Republic could soon be the fourth country to have a strategic alliance with South Korea, which would be a priority for both nations to maintain a resilient supply chain.

He added that the Asian nation is a pivotal global state because it possesses the technology and products needed to address the world’s challenges, including reducing CO2 emissions and creating circular economies.

He emphasized that as a global pivot, Korea needs reliable markets like the Dominican Republic because it has a growing economy and, therefore, a growing middle class with purchasing power to acquire its technological and mobility innovations.

In addition, it needs the so-called “critical” minerals that the country produces, such as ferronickel, bauxite, zinc and copper.

The Dominican Republic is also a logistics center with a geographic advantage due to its proximity to the United States and Europe.

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