The aim of the Agreement is to exchange information between the two countries for the administration and enforcement of tax laws.
From a press release by the Ministry of Foreign Affairs of Costa Rica:
Costa Rica and Ecuador have signed an Agreement on the Exchange of Information in Tax Matters, with which the country moves forward in its fulfilment of the commitments made in 2009 with the Organization for Economic Cooperation and Development (OECD).
The country began the process in response to measures applied by Ecuador to legal, finance and trade services.
This was confirmed by Alberto Vallarino, Economy and Finance minister, in a communication with Commerce and Industry minister Roberto Henríquez.
"A possible action against Ecuador in the World Trade Organization is among the measures included in the national strategy for promoting and protecting Panama's international services", reported newspaper Prensa.com.
The measures taken by Ecuador to increase the tariffs on 600 imported products has paralized shipments from the Colon Free Zone (ZLC).
Prensa.com reports on its website: "Members of the board of directors of the Association of Users of the ZLC confirmed that they are proceeding to request the help of Panamanian authorities to resolve the conflict.
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