After 5 years of managing the admission to the Organization for Economic Cooperation and Development, the Council of the organization agreed to formally extend the invitation to the Central American country to become the 38th member.
The incorporation will allow the country to participate in more than 300 committees and groups to decide on equal terms in the development of innovative solutions to common challenges, such as the emergency in the face of COVID-19, issues associated with climate change and the fourth industrial revolution, among others, reported the Costa Rican presidency.
After the country has completed the 22 required assessments called for in the roadmap, in the coming months the organization's Council should take the decision to invite the country to formally become a member.
The Organization for Economic Cooperation and Development (OECD) issued its formal opinion favorable to the work that the country has been doing to address the recommendations provided by this committee since 2016, in areas such as macroeconomic and fiscal stability, inclusive economic growth, increased productivity and promotion of competition, among others.
Through the signing of a bilateral agreement, Guatemalan exporters plan to establish contacts with potential partners and facilitate trade negotiations.
With the objective of strengthening commercial ties and promoting negotiations between both nations, the Guatemalan Association of Exporters (Agexport) signed an agreement with the National Committee for Economic Cooperation with Latin American Countries.
More tourism and the promotion of Dominican exports to the European country, are some of the benefits expected to be gained from the agreement signed between businessmen from both countries.
The cooperation agreement between the National Confederation of Agricultural Producers (Confenagro) and the Dominican-Russian Chamber of Commerce, aims to promote exports of Dominican products to Russia, facilitate joint investments, and promote tourism and cooperation.
Governments have agreed to promote investments in binational fishing projects in the maritime waters of the Central American country.
A further agreement strengthens the economic relationship between Russia and Nicaragua, this time to promote binational investment and improve technologies in fisheries projects.
An agreement between the countries would enable the participation of UAE companies in tenders in energy and maritime matters proposed by this administration.
From a statement issued by the Foreign Ministry of Panama:
A new stage in relations between the Republic of Panama and the United Arab Emirates began on Thursday with the establishment of a Joint Committee on Cooperation, signed by Vice Chancellor and Isabel de Saint Malo de Alvarado and Sheikh Abdullah Bin Zayed Al Nahyan, UAE Foreign Minister on his official visit to Panama.
The Canal Administration has signed with the US Agency for Trade and Development an agreement to develop a liquefied natural gas terminal.
From a statement issued by the Panama Canal:
Panama Canal Signs Agreement with US agency to boost LNG market
The Panama Canal today signed a technical cooperation agreement with the US Agency for Trade and Development to boost planning of a terminal for liquefied natural gas (LNG), a market that will open up for the country when the expanded waterway is operational.
The benefits to the country's competitiveness are to be found exactly in the requirements demanded of the public policies needed to join the OECD.
Representatives from the Costa Rican Chamber of the Food Industry argue that the eventual accession to the Organization for Economic Cooperation and Development (OECD) is an opportunity for improving "... key aspects of competitiveness for Costa Rica."
The Nicaraguan Oil Company has signed a cooperation agreement with a Canadian company for exploration of oil and gas.
Following the agreement signed between the company EastSiberian Plc, belonging to TMX Group in Canada and the National Oil Company of Nicaragua (Petronic) the Ministry of Energy and Mines has been approached in order to start negotiations for the subsequent signing of concession contracts.
With the reform of the Tax Coalition Act only international cooperation funds for projects agreed by the Executive will be exempt from taxation.
The project to amend the Law on Tax Coalition seeks to eliminate tax exemptions enjoyed by international cooperation funds, leaving tax exemptions in place only for "... those who are registered with the Government."
Negotiations have finished for the trade agreement between Guatemala and the bloc made up of Switzerland, Norway, Liechtenstein and Iceland.
From a statement issued by the Government of Guatemala:
In Geneva, Switzerland, the closing ceremony has been held and the presentation of the official protocol for the negotiations incorporating Guatemala into the FTA between EFTA member states and members of Central America (Costa Rica and Panama).
Following the decision by the Colombian authorities, the costs of financial and tax transactions between the two countries will increase.
The absence of Panama's signing of an agreement to exchange tax information with Colombia has led authorities of that country to include Panama in the list of uncooperative countries. The main objective of Colombia "... is to close the doors for people hiding money in other countries."
The International Organization of Securities Commission has suspended the country's right to vote as a member because it has not yet signed the agreement to provide information on stock market investigations.
The IOSCO's decision to suspend voting rights for the country as a member of the organization comes after the entity warned the authorities, repeatedly, about the need for regulation which would provide information to banks and financial institutions from other markets in cases of investigations.
The government has announced that it is analyzing with the Russian authorities ways in which to include their participation in the construction of the work.
Russia has announced through its Deputy Foreign Minister Sergey Ryabkov that it is willing to participate in the construction of the Canal of Nicaragua project and is currently developing concrete forms of cooperation in the work given in concession to the Chinese company and Group HKND estimated at $40 billion.
As part of the agreement a profile of the market has been created containing the requirements, permits and conditions for export to the Asian nation.
Nicaragua's National Assembly has adopted a Framework Cooperation Agreement between Nicaragua and South Korea. Among other things, the agreement aims to strengthen bilateral relations between the two countries improving trade and provide technical training and education to workers.