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
Buchón cantina: Spritz cocktails to dine forNatalia Díaz - October 18, 2018
Buchón was the first place I tasted the Aperol Spritz, months before it became fashionable around San José. In fact,…
Tico Times Shade: What does ‘middle class’ mean in Costa Rica?Alejandro Zúñiga - October 18, 2018
It’s not often The Tico Times writes an explainer about basic Costa Rican daily living that’s equally surprising to a…
Costa Rica grants asylum to Nicaraguan activist Alvaro LeivaAFP - October 18, 2018
Costa Rica granted the Nicaraguan human rights activist Alvaro Leiva political asylum last week. Leiva is the secretary of the…