Government of Panama to compensate exporters.

Negligence on the part of Panamanian authorities that led to the loss of preferential tariffs granted by the EU will be covered with public funds.

Friday, December 12, 2008

Yesterday the vice minister of Foreign Trade, Severo Sousa, promised a group of organized exporters that he will present an aid package for the export sector to Cabinet that will include reimbursing tax paid in Europe via a compensation fund.

However, the Government does not have the amount that they will compensate exporters with.

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More on this topic

EU Offers Aid Plan to Panama

February 2009

The proposal would act to minimize the impact of the loss of the Generalized System of Bonus Preferences (SGP+)

Rafael E. Berrocal writes in an article published in "The proposal consists of reformulating the reimbursable cooperation program of 18 million euros ($23.2 million USD) that the CE had anticipated for social programs in Panama this year."

Panama: Trade relation with EU deteriorates

December 2008

Panamanian businessmen accuse the Government of not accepting their mistake and fear that the conflict will affect other issues on the European agenda.

After the Panama Government tried to blame the EU for "unilaterally" taking away preferential tariffs, without acknowledging that they forgot make the corresponding requests, the European Commission indicated that there will be no turning back on their decision.

Panama could be left without SGP+

December 2008

Exporters requested an explanation from the Government for the negligence that will probably exclude the country from the preferential tariffs system.

"It will be very difficult to correct this error, and even more difficult for the EU to break its procedure in order to help Panama, since they would be setting a precedent for other countries that did not complete the requirements either," said the president of the Chamber of Commerce and Industry, Adolfo Linares.

Costa Rica requested extension for SGP Plus

October 2008

Costa Rica requested for the Special Stimulus System for Sustainable Development and Governance (SGP Plus) for the 2009-2001 period.

Under this system, which expires in December of this year, Costa Rica continues exporting a significant number of national products the the EU under a preferential tariff system until the negotiations for the Association Agreement which are currently underway are completed.

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