The current $550 million from the annual sales of Guatemalan products and services to Mexico could double with the entry into operation of the unified FTA between that country and the Central Americans.
Guatemalans are hoping that exports to the Aztec nation will double with the entry into force of the agreement which unifies the Mexican FTA's that were held separately with Costa Rica, Nicaragua and the CA-3.
The Costa Rican Chamber of Food Industry believes that the trade agreement could pose a threat to Costa Rican production.
From a press release by the Costa Rican Chamber of Food Industry (CACIA):
In a letter addressed to the members of the Committee for International Relations and Foreign Trade, the Costa Rican Chamber of Food Industry, CACIA, once again was vehement in its opposition to the possible approval of the FTA with Colombia, by the Legislative Assembly .
In late 2012, one year after the signing of the new trade agreement, trade between Mexico and the region totaled $9.3 billion.
This information was released by the Mexican ambassador in San Salvador, Raul Lopez Lira. "On September 1 the Central American countries will celebrate the first anniversary of the unified treaty between Mexico and the region with a significant increase in trade ...", reported Laprensa.com.ni article.
Negotiations for the commercial understanding between the two nations have started off in a positive light.
Prensa.com reports: "Some of the negotiation issues that were addressed in the first session were: national treatment and market access for goods, rules of origin and procedures, technical barriers to trade and trade defense".
During the round of negotiations held in Panama, also discussed were issues such as e-commerce, cross-border financial services, telecommunications, government procurement, investment, dispute resolution, intellectual property, competition policy, state enterprises and institutional issues.
The current total amount of Mexican investment in Panama exceeds $2 billion, an amount that is expected to increase with the signing of the FTA for which negotiations have started.
From a press release by the Ministry of Commerce and Industry of Panama:
From July 30 to August 2 , the First Round of Negotiations in the subscription of a Free Trade Agreement between the Republic of Panama and the United Mexican States will be held at the Radisson Summit Hotel & Golf Panama Panama City.
Panama's aspiration to join, as a full member, the Pacific Alliance has led to the resumption of negotiations which were interrupted in 2003.
The two nations have the first round of negotiations scheduled for 27 July in Panama City.
Prensa.com reports: "Although in 2003 the negotiations for an FTA were suspended because of differences over tax issues when the talks were 80% advanced, the Minister of Trade and Industry, Ricardo Quijano, said that the process "will start from scratch".
Officials from both governments have discussed in Panama a possible Free Trade Agreement to strengthen the growing trade relationship.
This was one of the issues discussed by the Panamanian Minister of the Presidency, Roberto Henriquez and South Korean ambassador in Panama, Cho Byoung-lip. The diplomat met with the minister with the intention of discussing bilateral cooperation and trade.
An agreement between parliamentarians has pushed forward the ratification process, which was stuck due to the resistance of the sugar industry.
"The treaty affected the sugar business, which is the reasons why the agreement could not be approved," said one of the congressmen who requested anonymity.
An article in Prensalibre.com reports that "With 113 votes in favor, the Free Trade Agreement with Peru was approved, having been postponed since the last special session, due to the fact that there was an attempt to approve it as a matter of national emergency with less votes than required by law. "
Starting from July 1 the trade agreement with Mexico, a country with which trade reaches $10 billion per year, came into effect.
The agreement "strengthens the recognition of an extended economic zone where Central America can put more products under a single origin and continue complementing each other in the production of goods and services for export to Mexico," said Anabel Gonzalez, Costa Rican Foreign Trade Minister.
The trade agreement will bring one of the most dynamic economies in the world, which has a per capita GDP close to $51,000, closer to the Costa Rican economy.
From a press release by the Ministry of Foreign Trade of Costa Rica (COMEX):
Monday, July 1, will see the entry into force of the Free Trade Agreement (FTA) between Costa Rica and Singapore, which brings the Costa Rican economy closer to one of the largest in the world.
Colombia will continue to apply extra tariffs on re-exports coming from the CFZ for products which do not have certificates of origin and value-added processing.
After signing the agreement with Colombia, "We do not know how the [issue with] the CFZ ended up. There is a vacuum of information that we do not understand and I fear the worst. The silence, can be taken as a case of "no news is bad news", said Surse Pierpoint, president of the Association of Users of the Colon Free Zone.
The aims would be to increase the list of imports and exports to 200 products, in order to boost trade between the two countries.
This was announced by Panama's ambassador in the Dominican Republic, Alberto Castillero, who added that the Dominican Government has a special interest in strengthening bilateral trade agreements with the increase in the list of products in order to increase the export of agricultural and livestock products from that country.
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".