The
capital, Santo Domingo, is the oldest city in the new world, where Christopher
Columbus arrived in 1492 and the settlement of the Americas began.

2.
Since then, regular competitive elections have been held every four years in
which opposition candidates have won the presidency and this representative
democracy has delivered a stable political environment. Against an IMF forecast of 2.5%
GDP growth for 2005, actual 2005 GDP growth was 9.

ftaa treaties

Welcome to the White
House, and welcome to the Rose Garden .
We're here today, as well, because the best way to achieve peace and
prosperity for our hemisphere is by strengthening democracy and continuing the
economic transformation of Central America and the Dominican Republic.
The Independent Financial Centre of the Americas will house private and
commercial banks and an electronic exchange, called LAIFEX, to clear and
settle emerging market debt and other tradable products. A new legal framework is being proposed to the Congress of the
Dominican Republic to grant an enabling law which will allow the formation of
a new jurisdiction in 2006.

For more information about The Independent Financial Centre of the
Americas, go to http://www.
Although the country has long been viewed primarily as an exporter of
sugar, coffee and tobacco , in recent years the service sector has overtaken
agriculture as the economy's largest employer, due to growth in tourism and
free trade zones.5%; and services 57. The Dominican Peso is now more stable than pre-banking
crisis levels.
Consequently, the current administration under President Fernandez
benefits from one of the highest approval ratings in Latin America, thrusting
the Dominican Republic on to a different stage -- one where the country's key
fundamentals compare favourably against similar economies in other emerging
markets.

negotiation cafta

goods at better prices. It benefits from
starting with a clean slate -- a new legal framework and an independent
regulatory structure will be served by state-of-the-art information
architecture. We are
applying the best practice of other financial centres, to create a new model
for the 21st century, which responds positively to greater regulatory scrutiny
and appeals to market participants operating in an increasingly innovative
marketplace . At a local level, the Dominican Republic
is split into 30 provinces and a capital district, each with its own civil
government.

pending briefing

CAFTA brings benefits to all sides. This bill is good for Central
American countries, it is good for America.
Mr.
The Government of the Dominican Republic appreciates the benefits our
model will generate for the country. LAIFEX
will facilitate primary and secondary debt trading both regionally and
globally. Currently, there is no central platform to clear
and settle locally denominated trades in Latin American debt.3% (Central Bank, 2005 actual )
Consumer price inflation (av.3% (source: Central Bank of
the Dominican Republic). The deal provides
a credit line of USD 665 million and paves the way for multilateral assistance
of a similar amount.

Dominican Republic - Central America - United States Free Trade AgreementA free trade agreement between the United States, the Central American countries of Costa Rica, Guatemala, El Salvador, Honduras , and Nicaragua, and the Dominican Republic.

treaties mobilization

I want to thank you all for being here.

counterpunch ratification

By passing CAFTA, we would open up a market of 44 million
consumers who already import more of our goods and services than Australia or
Brazil. And we must not take these gains for
granted. Gaetan Bucher , President of the Independent Financial Centre of the
Americas commented:
"The Independent Financial Centre of the Americas is being purpose built
from the ground up: the legislation, regulation , operating systems and
physical infrastructure have been meticulously planned and researched.

Banking
The Centre will support a range of banking services.)
Capital Santo Domingo
Area 48,072 sq km (18,696 sq miles)
Major language Spanish
Climate: Tropical maritime; little seasonal
temperature variation; seasonal variation
in rainfall
Real GDP growth 9.

dominican krystal

We've just had a constructive dialogue in the Cabinet
Room about our mutual interests. Under existing rules , most of Central America's exports
already enter the United States duty free.
Finally, for the Western hemisphere, CAFTA would bring the stability and
security that can only come from freedom . Today a part of the world that was
once characterized by oppression and military dictatorship now sees its future
in free elections and free trade. I thank them for working with
members of Congress from both political parties to persuade those members
about the importance of this piece of legislation .9 million visitors generated more than USD 3. Newly elected President Fernandez
in mid-2004 promised belt-tightening reforms.
Latin American markets have delivered explosive growth during the past
year, benefiting from strong global economic growth and booming demand for the
regions commodities .

merino tied

I want to thank the six Presidents who
have joined me today.
The Centre is the result of three years research into other financial
centres and extracts best practice from around the world .

The Dominican Republic, located in the Caribbean, joined in August of 2004.

pact krystal

Central American consumers would
have better access to more U. But our products still face hefty
tariffs there. SANTO DOMINGO, The Dominican Republic, The
establishment of the world's first privately operated and independently
regulated international financial centre is announced today: The Independent
Financial Centre of the Americas. sq. greenfield site, bordering the Caribbean Sea. The Regulatory
Authority will grant licenses for other regulated financial services business
including investment, commercial and private banking as well as asset
management.

merino oas

Our mutual interests are prosperity for our
people and peace in the region. Que dios les bendiga.2 % of total emerging markets debt traded worldwide that
year (source: EMTA survey).ifcamericas.7% of GDP; industry
31.

understandings mobilization

WASHINGTON, The following is a statement by
President Bush on the Central American and Dominican Republic Free Trade
Agreement:

The Rose Garden
11:39 A.com. Two directly elected
houses together form Congress .5% between 1992 and 2000, and
growth of 5% forecast in 2006 (source: EIU). Today tourism is the
country 's primary industry and the major source of hard currency -- in 2004 a
record 2.

anecdotes treaties

By transforming our hemisphere into
a powerful free trade area, we will promote democratic governance, human
rights , and economic liberty for everyone. I assured them I will join
in the efforts to get this bill passed .
The south coast borders the Caribbean Sea and to the north is the Atlantic
Ocean. These two houses consist of a 30 member Senate
and a 149 member Chamber of Deputies.5 percent in 2005.

treaty understandings

For American farmers, businesses, and workers, CAFTA would create a more
level playing field. The
custom -built IT platform for the Centre could also support a regional stock
exchange.

The Dominican Republic
The Dominican Republic was selected for the Independent Financial Centre
of the Americas due to its strong economic and cultural links with Latin
America, the United States and Europe; its political stability and economic
resurgence; well-developed infrastructure and connectivity; and high quality
lifestyle.
The economic upturn in the Dominican Republic is gathering momentum with
GDP expected to grow by 7 percent in 2006, and capital rapidly finding its way
back to the island.
The DR's economic resurgence is being recognised internationally.

treaties cafta

Statement by President Bush on the Central American and Dominican Republic Free Trade Agreement

M. It is a private exchange where members can apply for seats. His administration has passed
tax reforms and is working to meet preconditions for a USD 665 million IMF
standby arrangement to ease the country's fiscal situation .

rican mobilization

It will operate from a USD 850 million purpose-built business
environment on a 17 km.

LAIFEX
The Centre will house a state-of-the-art settlement and clearing centre,
called LAIFEX: the Latin American International Financial Exchange.
Growth slowed in 2003 with reduced tourism , a temporary banking crisis,
and limited growth in the US economy (the source of about 85% of export
revenues), but recovered slightly in 2004. The introduction of CAFTA will expand the market for
goods with 44 million consumers in Costa Rica, El Salvador, Guatemala,
Honduras, Nicaragua and the Dominican Republic.

oas krystal

The United States was built on freedom -- and the more of it we have in
our backyard , the freer and safer and more prosperous all of the Americas will
be. Political stability and economic development
The Dominican Republic broke free from a legacy of non-representative rule
in 1966 when Joaquin Balaguer became the country's first elected president. The economy benefits from its geographical proximity
to the United States and is the fourth largest trading partner of the US in
the Latin American and Caribbean region behind Mexico, Brazil and Venezuela.

anecdotes treaty

EDT

THE PRESIDENT: Good morning, thank you for coming.S. The IT platform has been designed to underpin all banking
transactions to increase the speed and cost efficiency for institutions and
their clients.8% (source: CIA 2003 report).18 billion (source:
Asociacion Nacional de Hoteles y Restaurantes and Central Bank of the
Dominican Republic).

oas rican

I applaud these leaders for their vision. The DR is a land of contrasts with
high mountains and rocky cliffs, rainforests, fertile valleys, deserts and
1600 kilometres of coastline; 300 kilometres being prime white sand beaches. Since the IMF
renegotiated the country's external debt, the economy has enjoyed a more
stable growth trajectory and a full recovery from the currency crisis,
attesting to the swift actions of the Fernandez administration. A successful sovereign debt renegotiation has lowered
the debt burden and there has been a sharp decline in inflation and interest
rates to around 1. Hector
Valdez Albizu, the Governor of the Central Bank of the Dominican Republic, was
awarded 2005 Central Banker of the Year in the Americas by The Banker
magazine .

treaty ratification

I am honored to be here with six really fine
leaders, people who have stood strong for democracy and who care deeply about
the people of their nations. And by passing this
agreement , we would signal that the world's leading trading nation was
committed to a closer partnership with countries in our own backyard,
countries which share our values. The Centre is being built and operated in
the Dominican Republic, the geographical crossroads of the Americas. The IMF is currently conducting a review of the Government's
economic programme, and the two parties have signed a 28-month standby
agreement, prioritising fiscal consolidation, strengthening of the financial
sector, restoring the energy sector and improved governance.

The agreement is not yet in full effect, pending ratification .

pending treaty

And we would create incentives for factories to stay in Central
America and use American materials rather than relocate to Asia where they are
more likely to use Asian materials.94
trillion of Latin American and Caribbean debt traded across the globe in 2004,
accounting for 63.) 4.
Situated mid-point between the Americas, the DR sits 1000 kilometres east
of the southern tip of Florida, on the same time zone as New York City. Agriculture now represents just 10.

krystal negotiation

These are small nations, but they're making big and brave
commitments, and America needs to continue to support them as they walk down
the road of openness and accountability. It also understands that success is
dependent on the dynamism and adaptability of a private enterprise". An internationally
recognised Regulatory Authority is being established to regulate the Centre
with complete independence from political and commercial influences, and the
Centre itself.

NOTES TO EDITORS

THE DOMINICAN REPUBLIC

Population 9 million (UN, 2005 est.
The DR economy is enjoying one of the fastest growth rates in the
hemisphere with real annual GDP growth of 6.

dominican cafta

EDT

The rationale behind the clearing and settlement centre is the USD 2. Following the 2003 banking crisis and change of Government,
President Leonel Fernandez has earned an international reputation for zero
tolerance of corruption, and is credited with rebuilding the economy and
fostering strong international relations -- all of which provide a solid
backdrop for the Independent Financial Centre of the Americas. Regional overview
The Dominican Republic, known locally as the 'DR', is the second largest
nation in the Caribbean region with a population of approximately 9 million
and a landmass of 48,442 square kilometres equal in size to Switzerland or
twice the size of New Hampshire in the US.
The banking crisis in 2003 proved to be a catalyst for reform and heralded
both a change of Government and an intolerance of corruption.

mobilization agreement

Regulation
The Centre will embrace "positive" regulation through independence,
robustness, responsiveness, efficiency and transparency.

Negotiations started in January of 2003, and the agreement was originally signed by the US and the Central American countries in May of 2004.

tied cafta

2% (Central Bank, 2005 actual)

1.

negotiation pending

And all
of us agree that the Central American and Dominican Republic Free Trade
Agreement presents us with an historic opportunity to advance our common goals
in an important part of our neighborhood . For the newly emerging democracies of
Central America, CAFTA would bring new investment that means good jobs and
higher labor standards for their workers.

END 11:44 A .

Independent Financial Centre of the Americas

More positive news has followed with the ratification of the Central
American Free-Trade Agreement (DR-CAFTA) which will strengthen trade between
the Dominican Republic and the US, and the success of negotiations with the
Paris Club in October 2005 .