Peruvian delegates expressed that a Free Trade Agreement (FTA) would be used by their country to promote the use of the Canal and Panama's geographical position. They also indicated interest in using the Colón Free Zone to re-export textile products.
A report in Prensa.com reflected the views of two Panamanian business unions, with a favorable opinion from the Panamanian Association of Exporters: "An FTA with Peru could be beneficial to Panamanian agro-exporters in logistic terms since many of the ships from Peru passing through the canal have space available to reach the consumer markets." On the other hand, the non-traditional agro-exporting union indicated that an FTA would put them at a disadvantage: "Peru is a strong producer of potatoes, onions and mangoes."
The Free Trade Agreement with Guatemala added to those with Taiwan, Singapore, Chile, Costa Rica, and Honduras.
The group of countries that allow a wide variety of tariff-free Panamanian products through free trade agreements will be expanded with the ratification of the agreement with Nicaragua, creating a larger network of favorable markets. This can offset the decline in revenues caused by the global crisis.
As set out in the FTA with the U.S., Canada and the European Union, Panama has three months to remove or replace these incentives.
Authorities from the MICI, the Panama Exporters Association (APEX) and the Union of Agro export of non-traditional products (Gantrap) are preparing a proposal, which must first be approved by the Cabinet Council and later by the National Assembly.
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