Guatemala Announces Start of Free Trade Agreement with Panama
Effective beginning today, the free trade agreement will allow 93% of commercial goods to be traded without paying custom tariffs.
Monday, June 22, 2009
According to the Guatemalan Central Bank, exports to Panama exceeded $161.1 million and imported goods added up to $128.7 million.
The free trade agreement with Switzerland, Norway, Liechtenstein and Iceland will grant free access to these countries for 77% of primary agricultural products and those processed in Guatemala.
During the term of the trade agreement signed four years ago, imports and exports between the two countries has grown by 13%.
As of June 22, 2009, 93% of bilateral trade will be tariff-free.
The FTA has already been approved in Panama and is now awaiting debate and ratification in Guatemala.
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