During the recent visit of the Ecuadorian president to Guatemala, the intention to take up again the issue of the Free Trade Agreement between the two countries, whose negotiation was stalled years ago, was expressed.
As a result of the inauguration of the new Guatemalan government, Ecuadorian President Lenin Moreno visited the Central American country and took advantage of the occasion to meet with Guatemalan businessmen.
With the recent signing of the U.S.-Canadian-Mexican trade agreement, a precedent was set for future negotiations, as this agreement sets binding labor conditions, such as making exports subject to the payment of a minimum wage.
For example, one of the conditions of the Treaty between Mexico, United States and Canada (T-MEC), which was signed on December 10, 2019, is that vehicles exported from one state of Mexico to the other two countries "must come from plants that pay wages not less than $16 an hour.
In Panama, the Cortizo administration has announced that it does not plan to sign new trade agreements, as what the country currently needs is to "strengthen its exporters.”
Representatives of the Ministry of Commerce and Industries informed that until the exportable offer of Panama is strengthened, they will begin to advance in the negotiation of commercial treaties with other countries.
After the Cortizo administration announced that Panama will limit itself to signing a partial scope agreement, Chinese authorities reported that they are still interested in negotiating a high-level free trade agreement.
Guatemalan authorities announced that in the first week of October they will travel to South Korea, with the aim of restarting negotiations of the Free Trade Agreement between the two economies.
Guatemala is the only Central American country still negotiating the Free Trade Agreement (FTA) with South Korea, since El Salvador, Panama, Honduras, Nicaragua and Costa Rica signed it in February 2018.
Although there have already been five rounds of negotiations to sign a free trade agreement, the Cortizo administration announced that they decided to restrict themselves to signing a partial-scope agreement.
Representatives of the Ministry of Commerce and Industries (Mici) explained that they want the scope of the trade agreement with the Asian giant to be limited to the exchange of agricultural and industrial goods, which is known as a partial scope Free Trade Agreement (FTA).
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.
In the last week of September, the first round of negotiations for the deepening and extension of the Partial Scope Agreement between the two countries is scheduled to take place in Havana.
The second round of negotiations will take place in Guatemala City during the week of October 7-11 this year, and will analyze in depth access to markets and rules of origin, in order to advance in the exchange of negotiating positions, informed the Ministry of Economy of Guatemala (Mineco).
The first round of negotiations began in the South American country to expand the list of products already traded in the framework of the agreement that has been in force since 2013.
The agreement that entered into force on February 19, 2013, has allowed immediate access to 593 products with 100% tax relief. In addition, it reduces tariffs on 84 products between 20% and 100% over 3 and 7 years, informed the Guatemalan government.
Because of the cancellation of the FTA between El Salvador and Taiwan, the sugar sector is opposed to negotiations with the Asian giant, because they say the government is trying to "buy the silence of the guilds," after they filed a legal appeal.
After the Salvadoran government made the decision to finalize the trade agreement with the Asian country in December last year, a situation that was not consulted with the country's productive sector and will affect sugar exports, the executive proposes to seek new markets.
In a new attempt to solve the political and economic crisis affecting Nicaragua since April last year, the businessmen proposed to the government to resume negotiations in a "fast, effective and credible" way.
"… We hope that the Government and the Civic Alliance negotiators will carry out the necessary actions reflecting a sincere political will to solve the situation the nation is going through, through a fast, effective and credible negotiation", details a statement signed by businessmen Roberto Zamora, Carlos Pellas, Ramiro Ortiz M., Juan B. Sacasa, and José Antonio Baltodano.
The Panamanian Stock Exchange announced the implementation of its new electronic trading system, which operates with Nasdaq Matching Engine technology.
Directors of the institution informed that one of the main objectives of the transformation to its trading system is to position the Panama Stock Exchange (BVP) as the regional hub of the capital market.
It is announced that technical groups from the governments of El Salvador and Guatemala began negotiations in London to conclude a new trade agreement.
Now, there is a possibility that the agreement the region seeks to sign with the European country will not be consolidated, since it is not yet clear how the process of Britain's exit from the European Union will be carried out, an issue that is generating great tension between the British Parliament and Prime Minister, Theresa May, at this very moment.
For this year, one of the priorities Morales administration has as a priority to advance in the signing of free trade agreements with South Korea, Israel and the United Kingdom.
Representatives of the Ministry of Economy (Mineco) reported that by 2019, among the priorities of the agenda is the resumption of discussions of the trade agreement being negotiated with South Korea.
During the fourth round of negotiations between the two countries, rules of origin, customs procedures, market access, trade in services and others were addressed.
From the statement of the Ministry of Commerce and Industries:
The negotiating teams from Panama and the Popular Republic of China concluded today in the Panamanian capital the Fourth Round of Negotiations for a Trade Agreement with approaches in the chapters of Rules of Origin, Customs Procedures, Market Access, Trade in Services and others.
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