The Caribbean Export Development Agency (Caribbean Export) has signed an agreement with the Government of the Dominican Republic (DR) to set up a subregional office in the Spanish-speaking country.

This as the agency moves to strengthen ties with the DR, particularly in the areas of trade and cooperation. At a recent signing ceremony DR Minister of Foreign Affairs Roberto Álvarez said that the new office will help to support export capabilities and competitiveness for the country.

“For over 20 years, Caribbean Export has implemented innovative initiatives designed to facilitate the expansion of Caribbean companies at the national, regional, and international levels, taking advantage of special access to the European market.

“With the establishment of this office, a great opportunity now opens up for the Dominican Republic to support export-capable companies, enhance their capacity and competitiveness, boost export earnings, and create more jobs, as outlined in the second pillar of our foreign policy,” he stated.

Executive director of Caribbean Export Deodat Maharaj, in highlighting the significance of the agreement, said it demonstrates the DR’s commitment to working jointly with the agency to promote regional trade and to attract foreign direct investment to the Caribbean.

“For Caribbean Export, the DR holds significant relevance in the context of trade integration, and we will work together to create a bridge between Latin America and the rest of the Caribbean,” he said.

He also urged the Dominican Republic’s private sector stakeholders to regard Caribbean Export as a crucial ally in their individual growth strategies, particularly those geared towards bolstering exports and attracting foreign investments.

“Only together can we pave the way for a smarter, greener, and more resilient Caribbean,” Maharaj said.

The agreement, in recognising Caribbean Export as an international organisation headquartered in Barbados, solidifies the agency’s purpose of promoting trade, export development, and investments among CARIFORUM countries to drive socioeconomic development and regional integration. As such, under the agreement, the Dominican Republic Government has committed to providing the necessary facilities to ensure the seamless functioning of the agency’s subregional office in upholding the commitments made by the 15 CARIFORUM countries at the agency’s inception in 1995.

“Caribbean Export looks forward to further enhancing its ties with the DR and working together to drive economic growth, regional trade, and prosperity for all nations in the Caribbean. This milestone marks a new era of collaboration and progress for the entire region,” the regional export agency said.