It will be presented at the III round of negotiations for the signing of a Free Trade Agreement, which will be held from January 12 to 16 in Ottawa.
According to the digital edition of Panama America, pa-digital.com, the vice minister of Foreign Trade, Severo Sousa, said that "the proposal arose after meetings with representatives from the various productive and industrial sectors of the country and from the services export sector, in accordance with previously agreed working positions.
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.
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.
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.
On Tuesday, Panama and Cuba started the first round of negotiation for partial trade agreements between the two nations.
Vice minister of Foreign Trade, Severo Sousa said that "the idea of entering into partial agreements is based on the interest of pushing for the export of a limited number of goods in which the trading partner is interested in."
Panamanian authorities hope to finalize the list of products to be included in the offer by Friday.
In 2007 Canada was the tenth most frequent user of the Panama Canal and that same year bilateral trade reached 115 million dollars.
"This agreement is an important step in creating a strong economic partnership between our two countries," said the Minister of Trade of Canada, Michael Fortier, during a luncheon with members of the Canadian business community at the Miraflores visitors' center.