Panama and Cuba Expand Trade Relations

Panama and Cuba have signed a Framework of Understanding for the Extension of the Partial Scope Agreement between both countries.

Wednesday, December 7, 2011

A press release from the Panamanian Ministry of Commerce and Industry reads:

The Minister of Commerce and Industry from Panama, Ricardo Quijano signed with the Minister of Foreign Trade and Foreign Investment in Cuba, Rodrigo Malmierca, a Framework of Understanding for the Extension of the Partial Scope Agreement between both countries.

The Panamanian Minister said that the Partial Agreement has been in existence for two years, "so it was necessary to verify its operation and see if these agreements could include the possibility of including new materials and deepen the commitments already agreed upon.

The Minister said that the Republic of Panama has great interest in reviewing the Agreement, taking into account the guidelines of Cuba’s Foreign Policy, which has arisen recently and been perceived favorably for the deepening of bilateral trade. "We are convinced that more and better business opportunities from the next revision and extension of this Agreement will be to the benefit of both countries", he said.

The signing of the agreement, which was done during the celebration of the International Fair of Havana, aims to improve existing tariff preferences and the inclusion of new products in the schedules of Preferences for Cuba and Panama.

It also includes guidelines on services, intellectual property and investments, as well as strengthening the technical cooperation between both parties.

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