The Caribbean Community (CARICOM), which was founded in 1973 and has 15 Member States, has agreed with the Dominican Republic the economic integration and cooperation among its members and has ensured that the benefits of integration are distributed equitably and that foreign policy is coordinated.
The Dominican Republic benefits from a Free Trade Agreement with the Caribbean Community (CARICOM), which grants rate preferences to Dominican exports to more developed CARICOM countries.
It establishes the free rate entry of Dominican imports to the more developed countries of CARICOM, assuming that the goods comply with the origin requirements of the product. The markets that grant preferential rate are the called more developed countries of the Caribbean Community: Barbados, Guyana, Jamaica, Suriname, and Trinidad and Tobago.
Consequently, the Dominican exporter, through this trade agreement, has preferential treatment for his products in the Caribbean market; thus contributing to the diversification of destinations and export products. DR signed the Free Trade Agreement with the Caribbean Community (CARICOM), on 20 August 1998, which entered into force on 31 December 2000. This Agreement on Trade in Goods and Services, Investment and Economic Cooperation is made by the nations of the 13 countries of the Caribbean Community and the Dominican Republic.
In terms of rate reduction, the differences between the countries involved are observed in the opening of the larger islands (Barbados, Jamaica and Trinidad and Tobago) and differential treatment for less developed countries (members of the Organization of Eastern Caribbean States).