The government has filed a request for entry as an observer to CARICOM and has proposed to the Caribbean block the start of negotiations for a free trade agreement.
The negotiation of a trade agreement with the bloc would increase the exchange of agricultural and manufactured goods, and improve the position of Panama as a logistics hub and tourist destination among the Caribbean countries.
From March 11th to 13th companies from Barbados, the Dominican Republic and Trinidad and Tobago will be meeting with Panamanian businessmen to identify trading opportunities.
The meeting called 'Panama Trade Mission' will be held in Panama City and will include the participation of at least 20 companies from different productive sectors in Barbados, Jamaica, the Dominican Republic and Trinidad and Tobago.
In the second round of negotiations an agreement was signed on tourism and advances made in relation to investment protection.
In the second round of negotiations for a Partial Agreement (PA) between El Salvador and Trinidad & Tobago, which was held in Puerto España, both delegations reached an agreement on tourism and advances were made in relation to investments.
The Venezuelan airline has announced it will open a new route between Caracas and Managua with a stopover in Panama.
Hebert García, Venezuelan Minister of Water and Air Transport, said: "Conviasa should be a powerful airline nationally and internationally. We have to fulfill the plan we were left by Commander Hugo Chavez to make it the flagship airline of Venezuela ".
The negotiations for a partial agreement between the two countries are in their final stages, with signing expected to happen in September.
According to the Guatemalan Vice Minister of Economy, Maria Luisa Flores, "the economy of Trinidad and Tobago is one of the largest in the Caribbean region and it is of interest to Guatemala as it represents the gateway to the Caribbean Community market (Caricom) ".
A report by ECLAC analyzes the present ant potential comercial relations between Central America, CARICOM and Panama.
It highlighted characteristics of the Central American countries as producers of consumer goods, the CARICOM economies as focused on trade in services, and Panama as a provider of logistics and financial services
The report by the Economic Commission for Latin America and the Caribbean (ECLAC) concludes that there is great potential in trade in Central America and CARICOM, which could be boosted by greater complementarity of their economies.
The Partial Scope Agreement (PSA) between the two countries will not include sugar, because it would require specific approval from Caricom.
Sergio de la Torre, Minister of Economy of Guatemala, reported that negotiations will be held by mutual agreement, but that will not prevent the signing of the Partial Alliance Agreement (AAP by its initials in Spanish) between the two countries.
"There will be no FTA with Costa Rica without clear rules of origin that prevent the country being merely a bridge for U.S. goods going to Jamaica"
An article in Insidecostarica.com contains quotes by Anthony Hylton, Minister of Industry and Investment in Jamaica, concerning a possible free trade agreement with Costa Rica.
Hilton emphasized the need for Costa Rica to implement an effective management program in order to determine the origin of goods, for the FTA between both countries to be viable.
Government representatives have expressed their interest in continuing negotiations for a trade agreement with Aruba this year.
Deputy Minister of International Trade Negotiations, Diana Salazar, spoke about a second round of talks with Aruba and the start of talks with Barbados.
"Also on 15th February in Panama, the first meeting with Cuba will be held, in order to address the issue of broadening of lists.
The crisis in developed countries is forcing markets to diversify; the relationship between the Caribbean and Central America is one showing great commercial potential.
The Association of Caribbean States (ACS) is made up of 28 countries with a potential market of 63 million people. Some of these countries have relatively high per capita incomes, such as the Bahamas, where the average GDP is $22,900, or Trinidad and Tobago, with $18,600.
CEOs and senior executives have pledged to expand trade and investment in view of the global economic slowdown.
Central America and the Caribbean together represent a market of approximately 56 million people. According to the Secretary General Albert Ramdin, it is time to exploit all business opportunities and implement specific initiatives to expand trade and investment between both regions.
On August 28th, ministers and agricultural businessmen will analyze regional topics and engage in business round tables.
The encounter is organized by the Agriculture ministries of Costa Rica and Mexico, and will take place in Hotel Real Intercontinental, in Costa Rica.
"According to the event's agenda, ministers will analyze challenges and opportunities facing the agriculture sector in participating nations", reports Prensalibre.cr.
From the 11th to the 13th of February, advancement will be pursued regarding the integration of customs and the duties for bananas and sugar, issues still pending in the negotiations with the EU.
PrensaLibre.com publishes in its website: "The Vice President and Panamanian Chancellor, Samuel Lewis Navarre, declared that there still is not a concrete date scheduled for the next round that Central America and the EU will coordinate in an attempt to achieve progress in negotiations and to conclude the talks next May, as they have had anticipated."
Countries in the region began discussions on Tuesday, part of a series of summits to create a shield against the global crisis.
The discussions at the beach resort of Costa do Sauipe, in the north of Brazil, began when host president, Luiz Lula da Silva, inaugurated the bi-annual summit of Mercosur, which was plagued by setbacks.
Leaders from throughout the region were also invited, including the president of Cuba, Raul Castro, who gave his colleagues a greeting from his brother, Fidel.
For the first time in history the leaders of Latin American and Caribbean countries will meet on their own to discuss integration.
The meeting, which will be held on December 16 & 17 at Costa de Sauipe, a resort close to the Brazilian city of Salvador de Bahia (in the northeast), will seek to promote greater cooperation between the various regional integration mechanisms.
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