Panama: New Tariffs Against Colombia In Effect

Import tariffs on flowers will rise from 15% to 30%, those on cement clinkers from 0% to 30%, and import duties of clothing will go from between 10% and 15% to 30%.

Tuesday, August 16, 2016

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.



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Panama: The Colombians that Colombia Discriminates Against

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.

Agenda of the Presidents of Panama and Colombia

August 2013

Businessmen from both countries are pay attention to the dialogue on tax information, tariffs on re-exportations from the CFZ, the Trade Agreement, and the electrical interconnection.

Larepublica.com reports: "Today sees the start of a new stage in the Colombian-Panamanian relationship with President Ricardo Martinelli's visit to Colombia, for a meeting with President Juan Manuel Santos".

FTA Colombia – Panama to Take Longer than Expected

June 2010

At least two or three additional negotiation rounds will be necessary to close the Free Trade Agreement between the countries.

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.

Panama-Colombia, Colombia-Panama

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.

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