Financial Support for Honduras-Guatemala Customs Union

The Central American Bank for Economic Integration has announced that this month it will deliver 55% of the funds required to implement the customs union between the two countries.

Monday, February 15, 2016

The funds pending for the implementation of the Customs Union between Guatemala and Honduras are being managed by the Central American Bank for Economic Integration (BCIE) for a total of $1.5 million for delivery in February. The information was confirmed by the Ministry of Economic Development of Honduras. reports that "... the use of resources is conditional upon the entry into force of the Enabling Protocol . If this is not done, a ministerial body can not be set up to approve a "Structural Fund" where the $1.5 million will be deposited. Another point pending in this business process is a list of products for free passage across borders. "

According to the Secretariat of Central American Economic Integration (SIECA) the implementation of the Customs Union requires $2.7 million. The difference will have to come from the donation made by the Spain-SICA Fund ($100,000); the contribution from the Inter-American Development Bank ($75,000) and the governments of Guatemala and Honduras.

El Salvador is also in the process of implementing a customs union with Guatemala. However, the Salvadoran private sector urged the Government through to first make reforms to the bilateral agreement on health and taxation in order to protect the competitiveness of exporters.

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