The increase in tariffs comes on top of a 7% payment on account of the Tax on the Transfer of Goods, Furniture and Services (ITBMS) in the case of cement clinkers and clothing. See decree published in the official newspaper La Gaceta.(In Spanish)

Panamaamerica.com.pa reports that "...The Panamanian Colombian Chamber of Commerce is concerned about the consequences of the entry into force of this decree. Eduardo Cristo, union president noted that in the Board meeting an agreement was made to hold a meeting with Colombian businessmen who are affected by the tariff measures that Panama has adopted, in order to seek alternatives and mediate with their respective governments. "

"Colombian exports in general were 35 billion dollars last year and only 2.55% of them came to Panama, therefore various sectors indicate that the tariff measure will not have much effect," he said.

Source: Panamaamerica.com.pa

More on this topic

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April 2016

Colombian businessmen have pointed out the damage caused to their business dealings with Panama by the respective governments inability to resolve continuing conflicts over the sharing of financial information and tariff policy.

Representatives from the Colombian Chamber of Commerce - Panama stressed the importance of Panama not only as a financial center but as a destination for its exports and investments, and urged government authorities to more quickly resolve the differences on issues of tariff policy and exchange of financial information. Currently the two countries are in the midst of a conflict over the charging of a tariff imposed by Colombia on footwear, textiles and clothing from the Colon Free Zone.

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June 2010

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In addition to the core topic of “what, how much and how” to remove tariffs between both countries, there will be tough discussions regarding rules of origin, labeling and customs regulations.

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December 2009

"Colombia and Panama are two complementary countries sharing similar business vision and historic identity, which creates synergies between our entrepreneurs".

With this statement, Gina Benedetti de Vélez, Colombian ambassador in Panama, summarizes the current economic relationship between both countries.