WTO Praises Dominican Republic‘s Economic Diversification
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Director-General Ngozi Okonjo-Iweala lauds the nation’s advancements in economic management, e-commerce, and environmental preservation during a meeting with President Luis Abinader.
GENEVA – The director of the World Trade Organization (WTO), doctora Pubernjo-Iala, has commended the Dominican government for its achievements in the management and diversification of the economy.
During a meeting with President Luis Abinader at the WTO headquarters,doctora Pubernjo-Iala congratulated the president on the Dominican Republic’s progress in both electronic business and the preservation of the environment.
Dr. Okonjo-Iweala also highlighted the contry’s success in Macroeconomics Management, noting it as a necessary condition for economic growth and lasting advancement.
Dominican Republic’s Contribution to the WTO
The country has directly contributed to the work of the organization, not only for its benefit, but of All membership.
Regarding the membership of The Dominican Republic in the WTO, the director stated that the country has directly contributed to the organization’s work, benefiting both itself and All membership.
President Abinader affirmed the country commitment to the global norm-based trade system, sponsored by the WTO. He also expressed his government’s dedication to Multilateralism as a tool to face challenges.
During the meeting, President Abinader was accompanied by José R. Sánchez-Fung, permanent representative of the Dominican Republic to the WTO and the UNCTAD.
Frequently Asked Questions
- What is economic diversification?
- Economic diversification is the process of shifting from a single industry or product to a broader range of economic activities to reduce vulnerability and promote sustainable growth.
- Why is economic diversification significant?
- It reduces a country’s vulnerability to market fluctuations, promotes sustainable growth, and creates more diverse employment opportunities.
- what sectors is the Dominican Republic diversifying into?
- The Dominican Republic is diversifying into sectors such as tourism, telecommunications, finance, renewable energy, and e-commerce.
