Until now Mexico has had a separate bilateral treaty with Costa Rica, Nicaragua and the Northern Triangle consisting of El Salvador, Guatemala and Honduras.
The Unified Free Trade Agreement (FTA) will be signed today, November 22 in San Salvador, said El Salvador’s finance minister.
"The agreement provides a common legal framework for the conduct of trade in goods and services between parties, as well as the establishment of investment in the region, he said in his announcement", reported Prensa Latina.
Business and investment opportunities to be offered by the Foreign Trade Office (ProMexico) that will be inaugurated at the headquarters of the diplomatic mission in Guatemala
The office will serve as the link between investors and Guatemalan and Central American business people.
"In Mexico there are many opportunities and some regions offer incentives, such as tax incentives and consultation, to those who set up in those regions," said Igancio Elias Caparros, an official of ProMexico.
Honduras, Guatemala and El Salvador present Mexico with the proposal regarding rules of origin that will unite the FTA's that those countries have with Mexico into a single bilateral agreement.
Honduran Minister of Trade, Fredy Cerrato, explained that the technical work to unite the commercial agreements and create the Northern Triangle between Honduras, Guatemala and El Salvador and Mexico will begin in full in the first quarter of 2009.
A pilot plan is being prepared for the exchange of information on sanitary and phytosanitary permits through the PSCs for exports from both countries.
Elperiodico.com.gt explains that"...The procedure, which would not generate any additional cost,will allow paperwork done by a Guatemalan exporter to be transmitted electronically, sending a notification to Mexico, so that the authorities can be satisfied of the origin and compliance with the required permits for entry of merchandise."
The agreement removes tariffs for a type of yarn not being manufactured in the region.
Products manufactured in El Salvador using this imported type of thread will enter Mexico without paying a 30% tariff, which is normally required for articles made using raw materials from outside the region.
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