Mining companies and spanish citizens are suing the Panamanian State arguing arbitrary and discriminatory measures imposed by the Martinelli Administration are detrimental to their investments.
The companies Petaquilla Gold, Petaquilla Minerals LTD, and Corporación de Recursos Iberia, S.A. are sueing the Panamanian government for $2.3 billion at the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank for direct damages against the company in Panama and its shareholders, reported Laestrella.com.pa.
In the first round of negotiations the issues of market access, rules of origin, sanitary and phytosanitary measures, investment and trade dispute settlement will be discussed.
Taking as a basis the Agreement on Economic and Trade Cooperation, signed between both countries in 2010, negotiations will start to establish a Free Trade Agreement (FTA) between the Republic of Panama and the State of Israel on May 11 in Jerusalem.
The second round of negotiations was described as "a breakthrough" by the Panamanian Minister Ricardo Quijano.
The chief of the Ministry of Trade and Industry said that "during the meeting, held in Mexico from 17th to 20th September, it was possible to advance the discussion and review various topics, including those related to finances and state purchases" , reported laestrella.com.pa.
Law 41, which limits foreign investment in companies engaged in auxiliary maritime services, could jeopardize trade relations between Panama and the EU.
Prensa.com reports that "The law, passed in June of this year, states that 75% of the shares of companies engaged in auxiliary maritime services for barges and boats must be owned by Panamanians".
This legislation could affect the Association Agreement with the European Union, said the Trade Commissioner of the European Commission, Karel De Gucht, to the Minister of Trade and Industry, Ricardo Quijano, through a formal letter sent in June.
Colombian authorities have show no interest in resolving the issue of additional taxes on imported goods from the CFZ.
According to Ricardo Quijano, Minister of Commerce and Industry (Mici), the panel could be set up in September as it ensures that the first step has already been taken and there has been a consultation period with the authorities of both countries to find a solution, which in this case could be a modification to the Colombian decree .
Panama's aspiration to join, as a full member, the Pacific Alliance has led to the resumption of negotiations which were interrupted in 2003.
The two nations have the first round of negotiations scheduled for 27 July in Panama City.
Prensa.com reports: "Although in 2003 the negotiations for an FTA were suspended because of differences over tax issues when the talks were 80% advanced, the Minister of Trade and Industry, Ricardo Quijano, said that the process "will start from scratch".
Finally the geopolitical reality has been imposed and the Canal country has been formally integrated into the community of Central America nations.
It was "a great achievement" and one "longed for for many years by all Central American countries", this was Panama's accession to SIECA, an organ of the Central American Integration System (SICA), said Anabel Gonzalez, Costa Rican Foreign Trade Minister.
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