Panama broadens terms of trade accord with Taiwan
Panama and Taiwan agreed to broaden the terms of their four-year-old free trade agreement.
Monday, June 30, 2008
Panama was granted an increase to 1,000 metric tons in its quota for smoked pork exports, and there were increases too for sugar, processed chicken, dairy projects, fruits and juices. Taiwan won increases in quotas for manufactured goods, such as plastics, furniture and toys.
Despite tariff removals and opening up of markets provisioned by the FTA, which has been in force since 2004, trade between both countries is low.
The trade agreement between the two countries will have been in operation for ten years in 2013, and now all tariffs will be removed.
After a 10-year process in 2013 the elimination of tariffs under the FTA signed in 2003 between the two nations will finally be completed.
Trade between the two nations since the enactment of NAFTA in 2003 has continued to increase, leaving as yet untapped opportunities.
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