Panama: Draft on Free Zones Law Approved

The project approved by the Executive establishes a comprehensive and simplified special scheme for establishment and operation of free zones.

Friday, December 3, 2010

The initiative, presented by Roberto Henriquez, Minister of Trade and Industry, seeks, among other objectives, to adapt national legislation to requirements of the World Trade Organization (WTO).

José Domingo Arias, vice minister of Foreign Trade, who was in charge of explaining the proposal, said the bill broadens the possibility of installing new investments in the country focused on high-tech companies, higher educational establishments, research centers, logistics companies and environmental services.

The bill updates the Free Zones Act, Export Processing Zones and puts them in line with the new conditions of the global and regional marketplace to be able to compete effectively in attracting FDI in the region.

Arias reiterated that the project was duly discussed and agreed with current users of the Export Processing Zones.

The Cabinet approved a resolution authorizing the Minister of Trade and Industry to present this proposal to the National Assembly.



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Analysis of the Panamanian Law on Free Zones

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The goal of the new law is to provide optimal conditions for generating maximum efficiency and competitiveness.

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Costa Rica Passes Free Zone Bill

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The bill was finally passed by the Costa Rican Legislative Assembly, all that remains is Oscar Arias' signature and its publication in the official government newspaper.

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"This bill broadens the existing Free Zone Law, by adding a new category for manufacturing companies.

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