The full session of Congress unanimously approved the Free Trade Agreement (FTA) with Panama yesterday after the second reading and debate.
In order for the project to become law it must first be signed the president of the Republic, Oscar Arias, and published in the government Gazette. The commercial agreement provides an immediate opening and tax exemption for 92% of the 1500 products and services that Costa Rica offers to the Panamanian market..
Costa Rica legislators should approve the agreement this week at the latest after the second debate on the commercial agreement with Panama.
Congress received the ruling from the Constitutional Court which declares that the treaty does not contain any illegalities.
The agreement has the support of all the parties in the Congress, hence its approval should be quick.
The Constitutional Court endorsed the FTA with Panama after finding no conflicts with the Constitution; the project will be voted on in Congress in the next few days.
The ruling issued by the Court indicates that "there are no essential vices in the proceeding of said project" nor in the details of the agreement. With this resolution, the FTA between Costa Rica and Panama will return to Congress for the second round of voting and the last debate withing the next few days. After this it will be signed by President Oscar Arias.
In a single session, and with the unanimous support of the nine members on the special committee for International Affairs, lawmakers ruled on the FTA with Panama.
The agreement was presented by the Executive last Monday and lawmakers took no more than two hours to endorse it. The plan will now be sent to the full session of Congress for the first debate.
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