Panamanian Euro-Certificates are Unused

Agro-exporters are not using Euro-Certificate alternatives because they consider that the "procedure is complicated."

Wednesday, May 13, 2009

The president of the Panamanian Association of Exporters (APEX), Max Gallardo, said that delays in issuance and indirect costs cause many exporters to bear the cost of the loss of EU tariff preferences.

Mary Triny wrote in Prensa.com: "Since the return of these tariffs (four months) was allowed, there were 25 Euro-Certificates emitted for $177,565, said Severo Sousa, Deputy Minister of Foreign Trade."



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Governments of Panama approves the Eurobond law

January 2009

The purpose of the law which creates the eurocertificates (eurobonds) is to compensate the loss of preferential tariffs with the European Union.

Prensa.com reports: The eurocertificates will function as tax bond certificates (CAT) as they will be used to pay taxes, and they can also be used to carry out the transfers that currently take place in the market.

Panama: Trade relation with EU deteriorates

December 2008

Panamanian businessmen accuse the Government of not accepting their mistake and fear that the conflict will affect other issues on the European agenda.

After the Panama Government tried to blame the EU for "unilaterally" taking away preferential tariffs, without acknowledging that they forgot make the corresponding requests, the European Commission indicated that there will be no turning back on their decision.

Government of Panama to compensate exporters.

December 2008

Negligence on the part of Panamanian authorities that led to the loss of preferential tariffs granted by the EU will be covered with public funds.

Yesterday the vice minister of Foreign Trade, Severo Sousa, promised a group of organized exporters that he will present an aid package for the export sector to Cabinet that will include reimbursing tax paid in Europe via a compensation fund.

Panama could be left without SGP+

December 2008

Exporters requested an explanation from the Government for the negligence that will probably exclude the country from the preferential tariffs system.

"It will be very difficult to correct this error, and even more difficult for the EU to break its procedure in order to help Panama, since they would be setting a precedent for other countries that did not complete the requirements either," said the president of the Chamber of Commerce and Industry, Adolfo Linares.

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