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Latin America Investment News on Viva Tropical

Panama: FTA Start Date Given, July 2012

Article Summary:

Panama hopes to implement the Free Trade Agreement (FTA) with the United States by early July 2012, says President Ricardo Martinelli, who adds the FTA means US products enter the country duty-free.

Photo Credit: Estrategia y Negocios

Original Article Text From Estrategia y Negocios via Google Translate :

Panama Soon Implement CAFTA

“Both countries hope that the implementation of the Free Trade Agreement that we signed is ready in the next 90 or 120 days at the latest,” Martinelli told reporters in Cartagena, where he participated in the Sixth Summit of the Americas.

Martinelli explained that treated the matter with Obama on Friday night at a dinner of presidents attending this weekend’s summit in Cartagena.

“We talked about that and other issues (like) security and trade,” added the president. For Panama, this FTA will mean duty-free entry of U.S. products to your market.

Virtually all Panamanian exports already enter duty-free, thanks to old U.S. trade preferences, which will now be progressively dismantled and replaced by the rules included in the FTA.

U.S. exported in 2010 just over 6,000 million dollars to Panama and imported for just $ 379 million.
The FTA between the U.S. and Panama was ratified by the Congress in Washington in October 2011, along with Colombia and South Korea. So far, only the latter has entered into force on 15 March.

After the close of the summit on Sunday afternoon, Presidents Obama and Colombian Juan Manuel Santos will have a bilateral meeting which also is expected to announce the entry into force of the FTA.

The implementation of the FTA with Colombia was conditional upon a set of rules by the government of Santos and the implementation of measures to improve working conditions and respect for freedom of association.

Link to Original Article:

From Estrategia y Negocios

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