A joint declaration issued at the IV meeting of Heads of State and Government of Belize, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua, Panama and Taiwan, in Taipei on 21 August 2003, underlined the willingess of these parties to initiate free trade talks at an opportune time.
The Dominican Republic and Taiwan signed a memorandum of intention to sign a free trade agreement in February 2005. In a joint communiqué signed on 28 June 2006, it
was stated that this FTA would be signed in 2007. The first round of negotiations of a bilateral free trade agreement took place in Santo Domingo, the Dominican Republic in late October 2006.