DR - Canada relations overview
The diplomatic relations between Canada and the Dominican Republic started in the year 1954. Since then, the level of exchange has been increasing in all areas. Today Canada has become a major partner of the Dominican Republic both politically and in economic terms. Both countries share the same values and principles of democracy, human rights, and free-market policies, coupled with social responsibility in order to achieve an enabling environment that brings prosperity for the people.
Dominican exports to Canada have been increasing consistently. Between 2008 and 2012 exports grew at an average rate of 20% annually, and in 2013 alone, there was an increase of 300% due mostly to increases in exports of gold. Dominican exports to Canada are driven mostly by the mining sector, followed by medical devices, electrical components, and vegetables and fruits. Canada is the third most important trading partner of the Dominican Republic. The Caribbean country benefits from the condition of Most Favoured Nation (MFN) under Canada’s tariff structure, and many Dominican products may be imported into Canada under very low or zero tariffs. While Canada’s exports to the Dominican Republic consist mostly of electronic components, machinery, seafood related products, and fertilizers.
The Dominican Republic is also a second home to a significant number of Canadians who favoured the Caribbean nation over other tourist destinations. According to statistics from the Central Bank of the Dominican Republic, Canadians make up the second largest group, in terms of country of origin, of all tourists visiting the Dominican Republic. In addition, the Dominican Republic is among the 5 most visited countries by Canadians, according to the Canadian Tourism Commission.
These numbers are simply a reflection of how well the Canadian culture connects with the Dominican customs and values, perfect weather, and the warm and outgoing personality of locals who every year treat the many Canadian visitors as one of their own.
Canadian enterprises see the Dominican Republic as a perfect partner in terms of investment as well. During the last decade Canada ranked among the three countries that invested the most in the Dominican Republic, and in recent years it became the number one source of Foreign Direct Investment in the country. Canada’s investments in the Dominican Republic are mostly in the sectors of mining, telecommunications, finance, and duty-free zone manufacturing.