Besides generating a predictable impact on trade between the two countries, the FTA brings Panama closer to the Pacific Alliance, a block which has already expressed its willingness to integrate the country.
It is estimated that this trade agreement will establish the foundation to create a commercial corridor that allows "... strengthening the position of both countries as privileged platforms for production and distribution of goods and services for both the Americas and for global markets. "
With opposition from agro-industry, the government has initiated the processes required to join the trade bloc, including a consultation period, which runs until the end of the year.
Entry into the block requires a greater commercial opening than that established in free trade treaties negotiated between Costa Rica and member countries, Mexico, Colombia, Peru and Chile, which is why productive sectors such as agriculture and industry oppose it.
At the first meeting of the Council of the European Partnership Agreement - Central America raised the eventual accession of Croatia and topics related to denomination of origin.
From a press release issued by the Ministry of Economy and Commerce in El Salvador:
On June 27, in San Pedro Sula, Honduras, held the first meeting of the Association Council, the highest institutional body of the Association Agreement between Central America and the European Union, to oversee the fulfilment of the objectives of the Agreement and its application. This meeting was held between Ministers and senior officials, under the trade part of the Agreement.
The relaunching of the global trade agenda that the President of the United States is promoting in his second term, should be a warning for Central American countries, which despite reaching trade agreements with both the U.S. with the European Union, have sat on their laurels and have failed to complete the tasks needed to make the best use of these agreements, especially with regard to common customs and tariff policies.
The Guatemalan Exports Association is organizing a course to show in detail how to meet the requirements for exporting under the terms of the FTA.
In order to find out in detail the procedures for successfully gaining a certificate of origin from major FTAs and avoid problems in customs operations, the School of Foreign Trade at AGEXPORT, will hold on March 31, 2014 a course entitled: "Certificates of Origin under the main commercial treaties signed by Guatemala Export / Import".
Employers in El Salvador have announced the creation of Adepesca, an entity that unites the fishery subsectors in El Salvador.
"The partnership stems from the relationships that we who work in this sector have, we talked about the importance of the productive chain being united", said the president of the new association, Miguel Peñalva.
The Honduran phone company will create a publicly owned subsidiary dedicated to mobile broadband, with Hondutel still being the majority shareholder.
The general manager of the Honduran Telecommunications Company (Hondutel), Romeo Vásquez Velásquez, said this business model will enable the institution to get out of the financial crisis that has engulfed it due to a lack of investment.
Thanks to a recent reform, the National Electricity Transmission Company (Enatrel) of Nicaragua can form associations with private companies for future optic network extensions.
As a step towards modernizing the electrical system and networking in the country, the Nicaraguan National Assembly has recently approved an amendment to Law 583, Law Creating the National Electricity Transmission Company (Enatrel).
Fedecrédito joins Wells Fargo in order to capture a greater market share of remittances between the U.S. and the Central American nation.
"We believe that our Salvadoran population living abroad, will appreciate having adequate access to services, enabling them to send money home quickly and safely, with a network of branches with a presence nationwide", said Macario Armando Rosales Rosa , president of Fedecrédito.
Central American countries are seeking support in security and trade relations.
At a time when South American countries are leading the continent's economic growth, Central American countries are trying to strengthen trade ties with powers such as Brazil, and relying on the experience of countries like Colombia in the fight against crime and drug trafficking.
CEOs and senior executives have pledged to expand trade and investment in view of the global economic slowdown.
Central America and the Caribbean together represent a market of approximately 56 million people. According to the Secretary General Albert Ramdin, it is time to exploit all business opportunities and implement specific initiatives to expand trade and investment between both regions. "To accomplish this, the governments of both parties must be willing to review the existing trade environment and reduce the barriers. At the same time, the private sector must be ready to establish creative relationships with their counterparts," said Ambassador Ramdin.
Key representative/s from the Guatemalan Exporters’ Association last 13-15 October attended the 8th TPO Network World Conference to exchange ideas and best practice around stimulating export-led economic growth and meeting the urgent challenges in the sector.
We help companies, specially those with little or no specialized staff in external trade to increase and improve their internationalization activities. We also deal specifically all logistic aspects.
Operates in Panama, Nicaragua, Guatemala and El Salvador
Phone: (34) 985 131 703