Because Guatemala is the only country in the region still negotiating an FTA with the Asian country, sugar producers estimate that they have stopped selling about 400,000 metric tons.
Months ago it was reported that Guatemalan authorities would travel to South Korea in the first week of October, with the aim of restarting the Free Trade Agreement (FTA) negotiations.
Guatemalan authorities, the only country in the region that is negotiating the FTA with Korea unilaterally, announced that they will speed up efforts to sign the agreement before the end of the year.
The announcement was made by President Jimmy Morales in the company of the Minister of Economy, Acisclo Valladares Urruela, before the members of the board of directors of the National Coffee Association (Anacafé), which is one of the sectors that is demanding the adhesion of the country to the Free Trade Agreement (FTA) between Central America and South Korea.
Since Cortizo took office, Panamanian exporters have been concerned about the negotiation of the agreement with China, as they believe the delays could affect the results achieved so far.
It was announced that the National Assembly of South Korea ratified the Free Trade Agreement signed with Central America.
The announcement was made by Seok-hyun Lee, deputy of the Korean assembly, who reported on the evening of August 2: "... We, the Korean National Assembly last night ratified the FTA with the nations of Central America.
Both countries agreed to include threads, fabrics and clothing in the batch of items that are already subject to tax relief, as part of the Free Trade Agreement in force.
The Ministry of Economy of Guatemala informed that the trade between both countries will experience a significant increase because of the recent signature of several agreements that expand the productive value chains.
Besides generating a predictable impact on trade between the two countries, the FTA brings Panama closer to the Pacific Alliance, a block which has already expressed its willingness to integrate the country.
It is estimated that this trade agreement will establish the foundation to create a commercial corridor that allows "... strengthening the position of both countries as privileged platforms for production and distribution of goods and services for both the Americas and for global markets. "
In the second round of negotiations held in Panama institutional issues such as dispute resolution, intellectual property, trade facilitation and technical standards were discussed.
From a statement issued by the Israeli Embassy in Panama:
The main Panamanian products that will benefit from the agreement are dairy, beef and pork, smoked fish fillet with and some vegetables with seasonal preferential access.
From a statement issued by the National Assembly of Panama:
Since the beggining of the FTA Guatemalan exports to Colombia have increased by 4.6% annually, while Colombian goods going to Guatemala have risen by 23.9% annually.
From a statement issued by the Government of Guatemala:
The FTA approved on its first reading by the National Assembly excludes sensitive products such as beef and chicken, dairy, pork, palm oil and plastic products, paper and aluminum, among products.
The bill for ratifying a trade agreement with Mexico excludes agricultural and agro industrial goods which are sensitive to Panama ; such as chicken meat, eggs, dairy products, pork, pork sausages, coffee, wheat flour, rice, palm oil, sauces, tomato paste, potatoes, onions, sugar, juice, fruit drinks, soda plastic products, paper and aluminum.
The Honduran government has reported that the agreement will take effect on October 1, and that it will be coordinating a visit by a group of Canadian companies in the country in the coming previous.
The Department of Economic Development told Eleconomista.net that "...The entry into force of the FTA between Honduras and Canada "has been set for October 1" after the two countries have "adopted the administrative regulations necessary at the level of customs and the formalities prescribed in the Treaty have been exhausted.' "
In the first round of negotiations the issues of market access, rules of origin, sanitary and phytosanitary measures, investment and trade dispute settlement will be discussed.
Taking as a basis the Agreement on Economic and Trade Cooperation, signed between both countries in 2010, negotiations will start to establish a Free Trade Agreement (FTA) between the Republic of Panama and the State of Israel on May 11 in Jerusalem.
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