The private sector will be proposing to the government the signing of a partial agreement and investment promotion with India and negotiation of a trade agreement with South Korea.
These proposals aim to increase trade relations, where in the case of South Korea, in 2014, Guatemala reported imports of $402 million and exports worth $269 million, with the most notable products sold being sugar, lead and coffee.
The National Council for Promotion of Exports in Guatemala has announced a pilot plan for 24 hours service.
The current schedule in this maritime customs office is eight hours. In the rest of the customs offices service hours vary greatly, with different operations often closing at different times.
The aim of the agreement is to streamline customs procedures and in reference to this the Economy Minister Sergio De la Torre, said, "We have the entire procedure, and we are going to start a pilot program, because the idea on the table is that in all maritime customs services can be provided on a 24 hour basis and costs for those involved will be lowered."
After further requests for extending fine exemptions and a comprehensive reform of the Customs Act, the government has responded saying that they will evaluate such requests.
The National Council for Promotion of Exports (CONAPEX), comprising representatives of the Executive and the private sector, called for an urgent reform of the Customs Act and the granting of another 90-day extension for exemptions from fines for violating the new customs regulations.
The new government authorities want to emphasize improving competitiveness and investment attraction.
More competitiveness and attracting foreign investment. Those are the two axes of a renewed foreign trade policy announced by the National Council for Promotion of Exports (CONAPEX) in Guatemala.
"The new policy modernizes the current one and will be integrated into the national competitiveness agenda with a new proposal," said Maria Luisa Flores, Vice Minister of Economy, cited byPrensaLibre.com.
The Ministry of Economy has called upon the private business sector in order to decide whether the country should finalise FTA negotiations with Canada.
Negotiations for this agreement, which have been going on for ten years, started with the participation of countries in the CA-4 (Guatemala, Honduras, El Salvador and Nicaragua) and to date only Honduras has signed.
Called "Office for Investment and Commerce", it will be in charge of attracting investments and promoting the country's products.
This agency will unify existing programs like 'International Trade Attaches', 'Invest in Guatemala', 'Pronacom' and the Intelligence Unit of the Economy Ministry. It still needs a Governmental Agreement for operating.
"Its starting capital will come from a $20 million loan by the Intera-American Development Bank, which must be approved by Congress", reports Prensalibre.com.