Three years after being signed, the Colombian Constitutional Court has approved the bilateral agreement that liberalizes 75% of industrial products over terms of 5 to 15 years.
This was the last institutional step needed to for the FTA between Costa Rica and Colombia, as the Central American country had completed all the necessary procedures, leaving only formal communication from Colombia to Costa Rica remaining, so that the agreement will go into force 60 days later.
The Costa Rican Congress approved on its first reading a Free Trade Agreement which makes 71% of the market for goods and services in Colombia duty free.
On Monday, the Legislative Assembly of Costa Rica approved on its first reading the Free Trade Agreement with Colombia. The entry into force of this trade agreement is needed in order to allow the Central American nation to join the Pacific Alliance.
Companies are preparing for the process of tariff reduction for imported goods and services from the United States under the FTA.
Starting 2015 various products will be able to come into Nicaragua from the U.S. tax free. Employers are now preparing for the tariff reduction process of the Free Trade Agreement between the U.S., Central America and Dominican Republic (DR -CAFTA).
The elimination of tariffs on agricultural products and flexible rules of origin for products such as tuna, textiles and plastics are part of the changes incorporated in the Agreement.
The Minister of Economy, Sergio de la Torre said that in the next few years Guatemala's exports to Europe could be doubled, as has happened with the other trade agreements that the Central American nation has signed.
The Honduran maquiladora industry is increasingly benefiting from the agreement which stimulates and protects Canadian investments coming into the country.
This industry has shown great optimism after the approval of the trade agreement. "We will have several advantages," says Daniel Facussé, president of the Honduran Maquila Association (AHM).
In the third round of FTA negotiations there will be discussions on opening of goods and services and what the tariff exclusions will be.
According to the authorities this is the round with the most difficult issues, such as the issue of "... opening and exclusions of tariff lines especially since there are interests on the part of both countries," noted an article in Capital.com. pa.
On September 20 the trade agreement will be signed in Panama City after it has been ratified by the respective legislatures.
"We have everything finalized for the signing of the treaty with Colombia on Friday September 20," said Ricardo Quijano, Panama's Minister of Commerce and Industry.
He added that Panama has negotiated a good FTA, which will increase its presence in the South American country "with Panamanian products and even with products that will go from the Colon Free Zone, which bear some elaboration and yes they will carry a Panamanian certificate of origin".