Panama – Guatemala FTA Goes Into Effect

As of June 22, 2009, 93% of bilateral trade will be tariff-free.

Friday, May 29, 2009

The governments of Panama and Guatemala will put into effect the bilateral protocol between the two countries, the Panama - Central America Free Trade Agreement (FTA), which was signed on February 26, 2008.

According to export data supplied by the Ministry of Commerce and Industry (MICI) in Panama, Guatemala, as a trading partner for Panama, represents an important market for exports of products such as cattle, live oysters, unprinted paper for newspapers, fillets and other fish meat, tuna, fertilized eggs, evaporated milk and hermetically sealed or vacuum packed salmon, among others.

For Minister Porras, the agreement is an important tool for many sectors in the country. In fact, "98.1% of our industrial exports will enter Guatemala tariff-free immediately, whereas 90.7% of our agricultural exports will enter tariff-free in the same manner."

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According to the Guatemalan Central Bank, exports to Panama exceeded $161.1 million and imported goods added up to $128.7 million.

Elperiodico.com.gt published: “The full application of the commercial agreement will allow the penetration of a wide range of Guatemalan products that include medicine, detergents, soaps, cereals, perfumes, cosmetics, greases and oils, among others, into the Panamanian market without tariffs and duties.”

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"When this treaty comes into effect, it will include annexed goods, rules of origin, services and investment, and 94% of our current exports are included in the agreement for immediate access, that is, practically all of our exports to Guatemala, which converts it into a vital support for the national industry," the Minister of Trade and Industry, Gisela Porras, emphasized.

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