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Panama May Miss Out on Agreement with European Union

Article Summary:

Panama is against the clock as the deadline for entry into the Central American Trade Agreement with the European Union draws near and the country has yet to formally integrated into the region.

Original Article Text From Prensa via Google Translate :

Panama Against the Clock

Panama is staking its business strategy with Europe in a race against time. In June he signed the Association Agreement between the European Union (EU) and Central (which participated Panama) said Jose Martinez, EU delegation to Costa Rica and Panama, countries just need to ratify the document to apply the new rules.

However, unlike Central America, Panama needs to join the “Central American Economic Integration Subsystem” to qualify for trade benefits.

The country still does not stop to negotiate the protocol of incorporation. And while the government reports the negotiation progress was delayed in June 2010 projected by the Central American Economic Integration Secretariat.

The agency expected that by January of 2012 took effect after incorporation protocol negotiated and ratified.

Panama’s competitors in the region can enjoy the benefits and the country is left out “would be fatal for the damaged primary sector exports, hit very hard and to put an end to the grave stone,” said Manuel Fernandez exporter .

It is important to follow up the matter because Panama enjoys tariff preferences for exports to the EU, but they can be suspended at any time, he said.

According to the website of the Ministry of Commerce, Panama May 15 will meet again with officials in Honduras in Central America to advance the integration, however, this negotiation is not closing. The adoption of common external tariff by Panama is one of the points without consensus.

The agreement with the EU was initialed in 2010 after two and a half years of negotiation. Panama was in danger of being left out of negotiations because they are not integrated into the region..

Link to Original Article:

From Prensa

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