Costa Rica-Panama trade pact to take effect in November

October 24, 2008

A free-trade agreement between Panama and Costa Rica will take effect next month, and tariffs will drop beginning in January, the Foreign Trade Ministry (COMEX) announced Friday after a visit by Panamanian President Martín Torrijos.

The treaty, signed in August 2007 and ratified by the Legislative Assembly earlier this month, will allow 91 percent of Costa Rican exports to Panama to cross the border duty-free immediately. With a few exceptions, the remaining products will lose their tariffs over three to 17 years. The treaty also allows the Costa Rican Electricity Institute (ICE) to offer services in Panama, exempting ICE from laws restricting other state telecom providers.

“The best way to protect people from the inevitable fluctuations in the economy is to open our markets and diversify our production,” President Oscar Arias said at a press conference Friday with Torrijos. “We respond to fear and desperation with more free-trade agreements, more foreign investment and more incentives for the products we export.”

In other news, Torrijos said he may call on Central American countries for technical help on a $5.25 billion project to expand the Panama Canal. Still, he added, the state would fill as many jobs as possible using Panamanian labor.

Facebook Comments

You may be interested

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)
Pic of the Day
37 views
Pic of the Day
37 views

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)

Alejandro Zúñiga - April 18, 2019

Isla Nublar, the setting for much of the "Jurassic Park" series, is unfortunately not a real Costa Rican island. Cocos…

Costa Rica holds Maduro regime responsible for diplomat’s safety
Costa Rica
6 views
Costa Rica
6 views

Costa Rica holds Maduro regime responsible for diplomat’s safety

AFP and The Tico Times - April 18, 2019

The Costa Rican Foreign Ministry said on Wednesday that it places responsibility with the Venezuelan government of Nicolás Maduro for…

Venezuela withdraws diplomatic credential from Costa Rican diplomat
Latin America
23 views
Latin America
23 views

Venezuela withdraws diplomatic credential from Costa Rican diplomat

AFP and The Tico Times - April 17, 2019

Venezuela withdrew the diplomatic credential from the Costa Rican chargé d'affaires on Tuesday in retaliation for the country’s acceptance of…

Do NOT follow this link or you will be banned from the site!