C.R.-Panama Pact To Take Effect in November
A free-trade agreement between Panama and Costa Rica will take effect Nov. 23, and tariffs will drop beginning in January, the Foreign Trade Ministry (COMEX) announced last week 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 with Torrijos. “We respond to fear and desperation with more freetrade 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 with Panamanian labor.
You may be interested
Slothy Sunday: Meet the sloth moms, released and thrivingRachael Griffiths / Toucan Rescue Ranch - September 27, 2020
This Sloth Sunday is dedicated to the released two-fingered sloth moms that have been prospering since being in Toucan Rescue Ranch’s…
Costa Rica reopens to key tourism market as it welcomes Mexican visitorsAlejandro Zúñiga - September 26, 2020
Costa Rica will open its doors to the arrival of tourists from Mexico, after considering a drop in reported Covid-19…
Costa Rica tourism: What states might be allowed next? [updated]Alejandro Zúñiga - September 26, 2020
Since September 1, Costa Rica has welcomed tourists from a growing number of U.S. states. According to Gustavo Segura, Costa…