With the signing of an agreement for the promotion and protection of investments it is expected there will be an increase in trade and investment between the two countries.
The agreement was signed by the Minister of Economy of Guatemala, Sergio de la Torre and Alexei Likhachev, Deputy Minister of Economic Development in Russia.
"What Russian investors need is certainty and clear rules.
The country will ask the European Union to discuss the geographical designations in parallel so that the agreement can enter into force in December.
This was explained by Estuardo Castillo, president of the Guatemalan Association of Exporters (Agexport), who added that "this is what Costa Rica did and there was a good result."
"... he also said that if that does not happen, it is possible to negotiate the extension of the Generalized System of Preferences (GSP +), however, he said that with this system only 52% of the cuotas pay less taxes and quotas for sugar, shrimp , honey and agricultural products could be granted to other countries ", reported Prensalibre.com.
The country has fulfilled the last requirement which was pending, the registration of geographical indications, meaning that the Association Agreement could come into force in November.
The Ministry of Economy will notify on September 30 that it has complied with the ratification of the Association Agreement with the European Union and with the 60-day period required for amendments to the Law on Industrial Property related to geographical indications.
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.