Significant Increase in Trade between Jamaica and the Dominican Republic

Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith, says total trade between Jamaica and the Dominican Republic has increased by 161 per cent over the last 10 years.

This, however, has been largely driven by exports from the Dominican Republic to Jamaica.

“But we are, as Jamaicans, also determined to continue to increase our exports, which are trending in the right direction to the Dominican Republic, as we also take advantage of the excellent opportunities in that market and seek mutually beneficial and balanced trade relations,” Senator Johnson Smith said.

She was speaking during the second Dominican Republic-Jamaica Business Forum at the AC Hotel by Marriott Kingston on Thursday (April 18).

Senator Johnson Smith noted that the business forum is being held at a positive juncture in the Jamaica/Dominican Republic bilateral relations.

“I want to encourage you to use the mechanisms put in place to strengthen the already excellent commercial ties that exist. The opportunities provided by this forum ensure that it stands as an excellent model for public-private-sector partnerships as both sides get to know each other better, promote sector-specific information, develop commercial and investment relationships and, of course, improve the environment generally for engagement between our respective private sectors,” she stated.

The Minister said the forum also serves to complement several private-sector-driven mechanisms and initiatives being instituted or recently put in place to forge greater economic ties between the countries.

These, she pointed out, include a memorandum of understanding (MOU) between JAMPRO and ProDominicana to formalise trade and investment promotion and cooperation between Jamaica and the Dominican Republic.

An MOU was also concluded between the Private Sector Organisation of Jamaica (PSOJ) and the Consejo Nacional de la Empresa Privada to promote trade and investment and commercial development.

Senator Johnson Smith also acknowledged the 2021 establishment of the Jamaica Chamber of Commerce in the Dominican Republic, and the Dominican Republic Chamber of Commerce in Jamaica, last year.

She stated that both entities will be critical in organising, fostering and encouraging trade, economic and commercial ties between the countries’ respective private sectors.

Meanwhile, Senator Johnson Smith said in November 2023, she, along with the Dominican Republic’s Minister of Foreign Affairs, Roberto Álvarez, launched a joint working group on the promotion of trade, investment, and productive value chains.

“This body will provide the framework for bilateral cooperation in trade and investment, promotion and in the development of supply chains and productive value chains,” the Minister said.

“It’s anticipated that the first meeting of this joint working group will take place this year, and I want to say that I very much look forward to engaging directly with the private sector to hear from you what priorities you hold for policy development between us; and I know that on the Dominican Republic side, this type of engagement will occur as well,” she added.

The Minister also encouraged members of the private sector to use the CARICOM/Dominican Republic Free Trade Agreement, signed in 1998, in order to benefit from the preferential access provided under that facility to all CARICOM countries, including Jamaica.

“We’ve been working with the Trade Board to actively simplify how they provide and share information. So, I want to encourage you to reach out to them, to arm yourself with the information about how to identify opportunities and move forward on this great path, filled with potential,” Senator Johnson Smith said.

She further stated that the initiatives mentioned will provide various platforms for companies in both countries to build and strengthen the ties between the nations for mutual economic benefits.