Following the signing of the trade agreement, the government of Panama has not provided information about Colombia's treatment of the exports from the Colon Free Zone.
Meanwhile, the Ministry of Commerce, Industry and Tourism of Colombia said that "the Colombian industry is the net winner" of this FTA, something that the Association of Users of the Colon Free Zone (CFZ) expressed its discontent over due to lack of information from the Panamanian authorities.
Martinelli and Piñera have agreed to review the free trade agreement signed in 2008, including investment protection clauses, among other topics.
The decision was announced during an official visit made by Chile's President Sebastian Piñera to Panama where he met with President Ricardo Martinelli in order to strengthen political and trade relations.
When the Free Trade Agreement was signed in 2003 sales to the Asian island by Panama totaled $11.7 million, whereas in 2010 they reached $44.8 million.
Panamaamerica.com.pa reports that "the Council for the Development of Trade with Taiwan (TAITRA) states that Panama is one of the countries which has received the most benefit out of those which have free trade agreement (FTA) with them".
The contentious issue of the Colon Free Zone has been settled by agreeing to "certain provisions to regulate traffic of goods from third countries between the two nations."
From a press release by the Ministry of Commerce and Industry of Panama (ICIM):
The round of negotiations for the signing of the Free Trade Agreement between Panama and Colombia held from 28 to 31 May 2013 culminated in the early morning hours of Saturday June 1 in the City of Panama, allowing the closure of all outstanding issues.
The Mexican President Enrique Pena Nieto said that approving the trade agreement between the two countries will increase bilateral trade volume.
"We hope that very soon the Congress of Guatemala will ratify it, as this will trigger trade relations to continue to grow more and more," said Peña Nieto, who during his speech at the Guatemala Investment Summit, said that in the last 12 years bilateral trade has quadrupled.
Both nations failed to resolve issues such as the treatment of products in the Colon Free Zone, which means there will probably have to be an eighth round of negotiations.
"... The round that lasted for four days, dealt with technical issues such as trade and rules of origin procedures, access to markets for agricultural lists and issues related to customs administration and trade facilitation", reports Prensa.com.
Costa Rica will be able to import 204 Mexican products under better conditions when the new version of the FTA between Mexico and Central America comes into effect.
From the study "Identification of inputs required by Costa Rican Exporters importable from Mexico" by the Costa Rican Foreign Trade Promotion Office (Procomer):
A total of 204 subheadings, can be viewed as potential opportunities for exporting companies in our country who will find better conditions regarding these inputs in Mexico.
To complete the integration process the Costa Rican Congress must ratify the FTA with Colombia and the framework agreement of the Pacific Alliance.
"... President Laura Chinchilla yesterday began a race against time, as she wants by the end of her term, to make Costa Rica's integration into the trade bloc a reality", reported Nacion.com.
The president received approval for the country to start the process of joining the economic forum.
Preferential access to Costa Rica for Colombian products and services becomes relevant when we take into account that in the Central American country purchasing power is 20% higher than in Colombia.
According to an article in Dinero.com, in the view of the Ministry of Commerce of Colombia the trade agreement with Costa Rica involves reducing and eliminating tariffs and non-tariff barriers on Colombian exports to major markets in Central America, along with clear and stable rules for investors in Costa Rica.
Both countries have complied with the legal procedures for the entry into force of the trade agreement.
From a press release from the Ministry of Foreign Trade of Costa Rica (COMEX):
Today saw the exchange of notifications between Costa Rica and Peru, which confirmed mutual compliance with the legal procedures for the entry into force of the Free Trade agreement between Costa Rica and Peru, signed in the city of San Jose, Costa Rica, on May 26, 2011.
With the signing of the trade agreement between the two nations, Costa Rica completes the requirements for entry as a full member of the Alliance also made up of Chile, Peru and Mexico.
"The agreement will be signed and Colombia's request for them to join the alliance is what will allow Costa Rica's entry ", said the president of Colombia, Juan Manuel Santos.
Products such as drugs, tires, plants, plastics, bread, cookies, flavored alcoholic beverages and batteries will be able to enter Colombia without incurring taxes.
This was confirmed by the Minister of Foreign Trade, Anabel Gonzalez. "The agreement will bring about the meeting of Gonzalez with her Colombian counterpart, Sergio Diaz-Granados, in the city of Cali during the VII Summit of the Pacific Alliance in which the country will participate.
The negotiation of an agreement between the U.S. and the Trans-Pacific Partnership would enable the country to purchase cheaper textiles from Vietnam, which would disadvantage Central American companies.
In an interview with Eddy Coronado for Prensalibre.com Sergio de la Torre, Guatemala's economy minister, explained that this negotiation could undermine the conditions that the member countries of CAFTA have negotiated, jeopardizing participation of Guatemalan products in those markets.
Honduras and Nicaragua will be the first countries to export to the European market under the preferential tariff agreed between the two regions.
The agreement will be effective only in these two countries, as the parliaments of the rest of the region have not yet ratified it.
Both nations also will benefit from use of the regional quotas agreed for products such as meat, tuna, rice, sugar, sweet corn, preserved mushrooms, cassava flour, fresh or chilled garlic, among others, which can enter without paying tariffs.