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
Cold front claims fourth victim in Costa RicaKatherine Stanley - December 12, 2017
High winds claimed the life of a fourth victim in Costa Rica as the cold front that has been moving…
With Keylor Navas battling injuries, Real Madrid eyes January swoop for Bilbao goalieAFP - December 11, 2017
Real Madrid's first foray into the January transfer market will be to snap up Athletic Bilbao's promising goalkeeper Kepa Arrizabalaga,…
Our High Season Print Edition is here! Here’s where to find itKatherine Stanley - December 11, 2017
In the weeks since the relaunch of The Tico Times on Sept. 1, we’ve been hard at work to reconnect…