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.
The purpose of the law which creates the eurocertificates (eurobonds) is to compensate the loss of preferential tariffs with the European Union.
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.
To date, 100 requests have been made that represent about $300,000, but the government has not made any payments.
Exporters requested an explanation from the Government for the negligence that will probably exclude the country from the preferential tariffs system.
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