Market Entry into the Caribbean
The Caribbean is known for much more than clear blue skies, turquoise waters, and golden sands. The Caribbean offers business opportunities to companies and persons looking to invest and expand their brand. According to the U.S. Commercial Service, which promotes the export of U.S. goods and services and protects U.S. business interests in the Dominican Republic and the Caribbean, the Caribbean region is a sizeable export market, importing $20 billion U.S. products and services.
Four Compelling Reasons to Do Business in The Caribbean
A key component of marketing is research, marketing research. To be successful on at the local and international levels, market research has to be employed. Market research involves the use of techniques to collect information and better comprehend a company’s target market that is their prospective clients. Businesses use this information to design better products, enhance user experience, and develop a marketing message that attracts quality leads and increases conversion rates. If you have a business, product or service and you want to be successful or expand, you simply cannot afford to ignore market research. The Chamber Coalition, through its partner, IQ INC Global can provide you with market research to ensure your success.
• Caribbean Region is a natural commercial partner of the United States, tied closely together by geography, history and culture.
Third Largest Market in Latin America for U.S. Exports
• Caribbean Region as a whole represents a market of about 23.5 million people who collectively imported over $18 billion of U.S. goods in 2016! As a result, the Region is the 3nd largest export market for U.S. manufactured goods in Latin America behind only Mexico and Brazil.
• August 5, 2004 the United States and the Dominican Republic signed a Free Trade Agreement (CAFTA-DR). The agreement was implemented on March 1, 2007 ensuring that U.S. manufactured goods enter duty free to the DR. In addition to tariff reduction, CAFTA-DR also provides unprecedented access to government procurement, liberalizes the services sectors, protects U.S. investments, and strengthens protections for U.S. patents, trademarks, and trade secrets in the DR.
• Caribbean Community (CARICOM) is an organization of Caribbean nations and dependencies working to promote economic integration and cooperation among its members. The CARICOM Single Market and Economy (CSM) treaty signed on January 1, 2006 by 12 member countries, establishes deeper regional integration through harmonized tariffs and duty-free trade. Currently, the CARICOM CSM member countries and the Dominican Republic are scheduled to sign an Economic Partnership Agreement (EPA) in July 2008 establishing free trade between the DR and the CSM member countries.
If you are ready for market entry into the Caribbean and learn about the lucrative opportunities, trade shows and delegation visits, let’s start with a non-committal conversation. To set up an appointment, click here.
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