The possibility of negotiating a free trade agreement with the trade bloc of South American countries is back on the discussion.
The issue will be discussed in detail at the meeting of the Council of Ministers of Economy of the region (Comieco), to be held in El Salvador on December 5 and 6.
Acisclo Valladares Urruela, Minister of Economy of Guatemala, confirmed to Prensalibre.com that "...
At the request of Ternium, the Guatemalan Ministry of Economy conducts an import investigation to determine whether or not a safeguard can be applied, a measure opposed by the commercial sector.
In February 2018, the company Ternium submitted to the authorities a request for the Directorate of Foreign Trade Administration (DACE) to carry out an economic study of the import of rolled products into the country, which has as its main objective, to establish whether a safeguard measure is appropriate.
Executive authorities and business representatives asked Congress to speed up the ratification of the Association Agreement with the United Kingdom, as the process must be completed by 31 October this year.
Guatemalan authorities, the only country in the region that is negotiating the FTA with Korea unilaterally, announced that they will speed up efforts to sign the agreement before the end of the year.
The announcement was made by President Jimmy Morales in the company of the Minister of Economy, Acisclo Valladares Urruela, before the members of the board of directors of the National Coffee Association (Anacafé), which is one of the sectors that is demanding the adhesion of the country to the Free Trade Agreement (FTA) between Central America and South Korea.
Authorities in Guatemala verify the progress of the bill for the rehabilitation and operation of the Escuintla-Puerto Quetzal Highway, which was presented to Congress six months ago and have yet to make a statement.
Members of the National Council of Alliances for the Development of Economic Infrastructure (Conadie) attended the Congress of the Republic, with the objective of knowing the progress of the initiative of the project of public-private alliance, which was presented since October 5, 2018 and is in control of the Commission of Communications, Transport and Public Works.
In the last eleven years in Guatemala, companies providing telecommunications services have invested just over $1.26 billion in the sector.
Figures from the Bank of Guatemala specify that Telecommunications is the fourth most important economic activity, according to the flows of Foreign Direct Investment that have reached the country, since between 2007 and 2018 an average of $105 million per year has been invested.
For this year, one of the priorities Morales administration has as a priority to advance in the signing of free trade agreements with South Korea, Israel and the United Kingdom.
Representatives of the Ministry of Economy (Mineco) reported that by 2019, among the priorities of the agenda is the resumption of discussions of the trade agreement being negotiated with South Korea.
During 2018, Guatemala received $1.175 million in FDI, barely 0.5% more than the investment reported in 2017, mainly because of the political and legal uncertainty that ruled the country.
Figures from the Banco de Guatemala (Banguat) report that in the last five years, the country has gained $6,139 million in foreign direct investment (FDI), being 2014 the one that registered the highest year-on-year increase when reporting a 7% rate regarding 2013.
In Guatemala, the law regulating part-time work has already been reviewed by the Attorney General's Office and awaits the approval of the Council of Ministers.
Although in August 2017, the Morales administration had planned to approve the law before February 2018, the process has been lengthening, and a government agreement must be issued for it to take effect.
The Guatemalan government expects that in the first two months of 2019, all procedures related to the issuance of construction permits can be carried out online.
Representatives of the Ministry of Economy (Mineco), reported that the plan is that through the Ventanilla Única de la Construcción, construction companies can process licenses digitally.
In Guatemala, a new entity was created called Sociedad de Emprendimiento, whose registration cost will range between $128 and $192 and will be available as of the first quarter of 2019.
The Ministry of Economy is working to make the procedure, which will be established within the Regulation of the Law for Strengthening Entrepreneurship, available to interested parties for the first quarter of next year.
Two years after having been presented at the Guatemalan Congress, the initiative to reform the Free Zones Law is still awaiting approval.
In 2016, initiative 5174 was presented to the Congress of the Republic, and has been debated in speeches made by deputies and in meetings of the Economic Cabinet of the Executive Power, none of which have resulted in its approval.
Negotiations are taking place with companies in Argentina and Paraguay to import beef and supply the local market, which would increase supply and help push prices down.
Representatives from the Ministry of Economy (Mineco) reported that they have already initiated first contacts with companies and authorities of the two South American countries, and that they are waiting for accreditation to show that cattle coming from these markets are free of diseases.
In Guatemala, the builders' union and the government signed an agreement to work on simplifying and reducing procedures required to obtain a construction license.
The Guatemalan Chamber of Construction (CGC) and the Ministry of Economy (Mineco), have signed an agreement for institutions working in the process of issuing licenses, to work together in order to reduce the existing bureaucracy.
A bill by the Morales administration in Guatemala proposes creating an agency that would manage issues of commercial promotion, competitiveness, investment attraction and country brand.
Representatives from the Ministry of Economy presented in Congress a proposal for a Law to create the Institute for Commercial Promotion, ProGuatemala, which would absorb the functions and staff that at the moment execute the National Program of Competitiveness.