Costa Rica approves FTA with Panama
The full session of Congress unanimously approved the Free Trade Agreement (FTA) with Panama yesterday after the second reading and debate.
Wednesday, October 15, 2008
In order for the project to become law it must first be signed the president of the Republic, Oscar Arias, and published in the government Gazette. The commercial agreement provides an immediate opening and tax exemption for 92% of the 1500 products and services that Costa Rica offers to the Panamanian market.
In a single session, and with the unanimous support of the nine members on the special committee for International Affairs, lawmakers ruled on the FTA with Panama.
Legislators have to ratify the decision in a second round of voting once the period of ordinary sessions start next week.
Costa Rica legislators should approve the agreement this week at the latest after the second debate on the commercial agreement with Panama.
The Constitutional Court endorsed the FTA with Panama after finding no conflicts with the Constitution; the project will be voted on in Congress in the next few days.
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