During the virtual conversation, Malamud highlighted that AMCHAMDR is one of the oldest institutions in the country, having been in existence for 96 years, and has the largest number of members (1,600) and sectoral diversification in the country.
Advocating for digital transformation, implementing public policies and programs that facilitate access to credit for micro, small, and medium-sized enterprises, and restoring air transportation have been among the institutional priorities of the American Chamber of Commerce of the Dominican Republic (AMCHAMDR).
This was stated by William Malamud, executive vice president of AMCHAMDR, who participated as a guest in a live conversation on the U.S. Embassy in the Dominican Republic's Facebook Live on "U.S. Economic Cooperation."
Malamud said the American Chamber of Commerce has focused on reducing processes and timescales in international trade and on integrating the Dominican Republic into the North American supply chain, taking advantage of the fact that these companies are seeking to relocate their production to nearby markets.
"It doesn't matter if we're very close to the U.S.; taking two weeks to clear a product through customs means we lose business. If we can reduce delivery times for goods in foreign trade, we'll be more attractive to companies looking to locate their production and supply chains in countries close to the United States," he said.
During the virtual conversation, Malamud highlighted that AMCHAMDR is one of the oldest institutions in the country, having been in existence for 96 years. It has the largest number of members (1,600) and the most diverse sectors in the country, with affiliated companies from the tourism, free trade zones, industry, services, and import sectors, among others.
He also highlighted the historic role AMCHAMDR played before, during, and after the negotiation and implementation of the Free Trade Agreement between the United States, Central America, and the Dominican Republic (DRCAFTA).
“AMCHAMDR played a role in the DRCAFTA, first by communicating the importance of the agreement, explaining the different chapters, and serving as a channel of communication between the Dominican Republic and the United States. Then, in the ratification in Congress and with the implementation of the agreement,” he said.
During the virtual event, AMCHAMDR's Executive Vice President took the opportunity to explain the functions of the organization's five Working Committees, as well as the services implemented at the newly created AMCHAMDR Trade Center.
These include virtual business meetings, Virtual Business Facilitation Meetings, participation in the First Virtual Business Fair of the Americas, as well as Business Facilitation and Business Roundtables and Trade Learning Missions.
Importance of trade relations between the Dominican Republic and the United States
251% of foreign direct investment in the Dominican Republic comes from the United States. This was stated by Jenae Johnson, Economic Affairs Officer at the U.S. Embassy, after emphasizing the importance of trade relations between the Dominican Republic and the United States.
In this regard, he highlighted the role that the Dominican Republic-Central America-United States Free Trade Agreement (DRCAFTA) has played in improving the economies of both countries.
Johnson noted that since the agreement went into effect, bilateral trade has increased from $6.9 billion to $14.2 billion last year, marking a significant milestone in the economic history of the United States and the Dominican Republic.
The U.S. official discussed the U.S. Embassy's priorities, which focus on natural disaster prevention, environmental conservation, and scientific cooperation, as well as technology and the digital economy, entrepreneurship, intellectual property, innovation, civil aviation, and energy.
