Panama Denounces Colombia Tariffs as Too HighThursday, May 16, 2013 The amount Colombia imposes as tariffs on products from the Colon Free Zone exceeds that authorized by the World Trade Organization. Ricardo Quijano, Minister of Commerce and Industry in Panama, said he understands that Colombia can place this type tax on products, but the complaint is that there is a limit imposed by the World Trade Organization (WTO) and the tariff should be lower. Issue of Tariffs With Panama and Colombia Goes to WTOTuesday, August 20, 2013 Colombian authorities have show no interest in resolving the issue of additional taxes on imported goods from the CFZ. According to Ricardo Quijano, Minister of Commerce and Industry (Mici), the panel could be set up in September as it ensures that the first step has already been taken and there has been a consultation period with the authorities of both countries to find a solution, which in this case could be a modification to the Colombian decree . WTO to Mediate Panama-Colombia Trade DisputeTuesday, October 1, 2013 The World Trade Organization will form a panel to look into Panama's complaint over Colombian tariffs on textiles and footwear from the Colon Free Zone. In August Panama asked the WTO to form an international panel. Colombian Tax Denounced to WTO as IllegalMonday, September 2, 2013 Panama has requested that the World Trade Organization verify that the taxes being charged by Colombia on imports from the CFZ are illegal. This was announced by Minister of Commerce and Industries of Panama, Ricardo Quijano, who explained that his government has asked the WTO to establish a panel "to determine the legality of the measures imposed by Colombia on imports of clothing and footwear from the Colon (Free) Zone," noted an article in Laprensa.com.ni. Consortia Interested in BaruWednesday, January 25, 2012 Investments could take the form of a refinery, a logistics center and tourism projects in the Caribbean zone of Panama. Three foreign consortia have expressed interest in settling in the free zone of Baru, Chiriqui Province, to build a logistics center, a refinery for processing hydrocarbons, and a tourist center, taking advantage of the Baru area’s geographical position, as well as the pipeline which can transport oil from the Caribbean to the Pacific and vice versa, said the Minister of Commerce, Ricardo Quijano. Peruvians and the Colon Free ZoneThursday, May 24, 2012 Under the Free Trade Agreement (FTA) between their country and Panama, companies in the textile and metal manufacturing industry in Peru plan to settle in the free trade zone. Textile companies and manufacturers of metals, like silver, are interested in settling in the Free Trade Zone of Colon in Panama, said general manager Leopoldo Benedetti. New Free Zone in PanamaThursday, August 16, 2012 The Panamanian government has authorizing the establishment of Zona Franca Parque Industrial y Corporativo Sur, S.A. (Parque Sur), east of Panama City, with an investment of $8.2 million. A statement from the Presidency of Panama reads: Panama: Operations in the Colon Free Zone (ZLC) grew 12.1%Friday, October 10, 2008 Import and re-export activity in the Zone reached $13.92 million. Imports totaled $6.44 billion, an increase of 15.9%, while re-exports totaled $6.65 million for an increase of 8.5% in the same period, according to information provided by the manager of that entity, Nilda Quijano, during presentation of the budget in the Budget Commission of the Assembly. Panama: 11.6% Decrease in Free Trade Zone ActivityMonday, April 6, 2009 Companies located in the Colón Free Zone (ZLC) have reported a decrease of 11.6% during the first three months of the year. The above is in comparison to the same period last year, according to the manager of the ZLC, Nilda Quijano. Tax Modifications for Colón Free PortTuesday, August 11, 2009 Users of the Panamanian Colón Free Port (ZLC), will have to pay, as rent, 1% of the market value of their properties. The adjustment also implies that "all the services, including third party rents from ZLC users, will pay ITBMS (Transference of Goods and Services Tax)", reported a press release by the Ministry of Economy and Finance. Colon Free Zone Grows 9.5%Wednesday, October 28, 2009 Trade activity in Panama's Colon Free Zone in the first 9 months of this year was 9.5% higher than the same period of 2008. For September 2009, activity was 15% higher than the same month of 2009. China Opens its Market to Panamanian Free Trade ZonesMonday, April 21, 2014 A market of one billion consumers has been opened up to products that are manufactured, processed, assembled or finished in Panamanian Free Trade Zones, without requirements for having value added locally. Companies under the free zone regime in Panama are offering local and foreign companies the ability to export to China under the special conditions that govern them, with the aim of achieving the high production volumes required. The $800 million that Venezuela Owes to CFZMonday, July 22, 2013 Following the meeting of President Martinelli with his Venezuelan counterpart Nicolas Maduro, doubts remain about when the debt will be settled. It's been two weeks since the Panamanian president, Ricardo Martinelli, visited his Venezuelan counterpart Nicolas Maduro, in order to find a solution to the problem of the debt owed by Venezuelan entrepreneurs to the Colon Free Zone (CFZ). More Free Zones Planned in PanamaTuesday, August 27, 2013 There are currently 15 active zones plus five being installed, adding up to $50 million in investment. They are dedicated to the production of goods and services, with exports totaling $500 million a year, and are located in the metropolitan area, but also in La Chorrera, Arraiján and Cocle. Martinelli Travels to Venezuela to Solve CFZ PaymentsThursday, July 4, 2013 Restrictions faced by Venezuelan businessmen in obtaining dollars are causing delays in paying imports from the Colon Free Zone. "I will travel to Venezuela on Monday," said Ricardo Martinelli, who said he hopes to have "a direct frank and sincere conversation, with President (Nicolas) Maduro". The president will travel with several Panamanian businessmen to the country to find a way to facilitate the prompt payment of debst to the businesses in the CFZ. |
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