Promulgation of the New Maritime Trade Law
March 6, 2023
Many of us wonder how important maritime trade is for a country’s economy, but few of us understand the magnitude of this importance. Maritime trade has evolved in a transcendental way over the years due to the increase in world demand for merchandise, thus representing 90% worldwide, this has made it possible to boost the economy, promoting employment opportunities on a large scale.
Currently, the Dominican Republic is recognized as a strategic point, “a leader in the Caribbean in maritime connection” (Autoridad Portuaria Dominicana, 2017), which has facilitated the process of exporting and importing products to all parts of the world.
On January 19, 2023, the President of the Dominican Republic, Luis Abinader, promulgated Law no. 5-23, concluding as follows:
“In this legal instrument, it is possible to consolidate the regulations regulating the business and maritime operations dispersed in different regulations. Clear and defined procedures are established for the actors involved in the contracts for the operation of ships, in the international transport of merchandise, and in other activities related to maritime trade.
On the other hand, it regulates the limited liability regime, the way in which the registration of the vessel and its cancellation occurs, as well as the other elements of the vessel, such as its name, registration, and identification, among others.
It also establishes the registry for the different rights on the ship, the order of credits that have privileges on the ship, and whether it is built or not.
Likewise, it establishes the procedure for the different preventive or conservatory and enforceable measures on ships, for special withholdings, and for their sale at public auction.
Likewise, it defines the obligations, functions, and responsibilities of the different subjects of navigation, such as the shipowner or owner of the ship, the officers, the crew, and the captain, who holds public, technical, commercial, and labor functions” (Presidencia De La República Dominicana, 2023).
References
Plan Estratégico Institucional 2017-2020. (2017, Febrero). Autoridad Portuaria Dominicana. https://portuaria.gob.do/wp-content/uploads/2020/11/Plan-Estrategico-2017-2020.pdfPresidente Abinader promulga ley de comercio marítimo. (2023). Presidencia De La República Dominicana. https://presidencia.gob.do/noticias/presidente-abinader-promulga-ley-de-comercio-maritimo