Free Trade Panama-USA
October 13, 2011 By Molina & Co.
Panama and the United States approved the Trade Promotion Agreement (TPA).
Both countries are to be beneficiaries of common agreements including regulations in order to successfully be able to take advantage of the trade.
Considerations:
1- Open market to increase the export goods
2- Professional may represent their corporations in either country in any field.
3- Preferencial services in local markets for relocation
4- American companies to establish their headquarters in Panama
5- Comercial bands and retail business
6- Under the pact, the TPA will generate more jobs and boost competitiveness.
7- It is estimated that only additional fee of 7000 metric tons of sugar in the TPA agreed will generate 300 new direct jobs and up to 900 new jobs indirectly.
8- This agreement also consolidates the Generalized System of Preferences (GSP) and the Basin Initiative (CBI), so far, unilateral, temporary and subject to renewal at least for a certain sector.
9- For all product favored by this consolidation of the ICC, the tariff will be zero on an ongoing basis, enabling employers to better plan their investment opportunities to scale up production and exports to EU, with legal certainty that no change in the conditions of access to U.S. markets.
10- This is a single letter when making decisions on public policy and investment attraction
With this agreement would strengthen its existing Panama as a regional reference image of a dynamic, diversified, stable and preferential access to the world's largest economy, he said.
It is a historic moment for Panama. It has ratified a treaty with the country's largest trading partner, and the changes that must be given in all sectors will force them to be more competitive.
ABOUT THE AUTHOR: Rodrigo Julio Molina Ortega
Attorney, Financial Advisor, Free Trade.
Copyright Molina & Co.
More information about Molina & Co.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
Considerations:
1- Open market to increase the export goods
2- Professional may represent their corporations in either country in any field.
3- Preferencial services in local markets for relocation
4- American companies to establish their headquarters in Panama
5- Comercial bands and retail business
6- Under the pact, the TPA will generate more jobs and boost competitiveness.
7- It is estimated that only additional fee of 7000 metric tons of sugar in the TPA agreed will generate 300 new direct jobs and up to 900 new jobs indirectly.
8- This agreement also consolidates the Generalized System of Preferences (GSP) and the Basin Initiative (CBI), so far, unilateral, temporary and subject to renewal at least for a certain sector.
9- For all product favored by this consolidation of the ICC, the tariff will be zero on an ongoing basis, enabling employers to better plan their investment opportunities to scale up production and exports to EU, with legal certainty that no change in the conditions of access to U.S. markets.
10- This is a single letter when making decisions on public policy and investment attraction
With this agreement would strengthen its existing Panama as a regional reference image of a dynamic, diversified, stable and preferential access to the world's largest economy, he said.
It is a historic moment for Panama. It has ratified a treaty with the country's largest trading partner, and the changes that must be given in all sectors will force them to be more competitive.
ABOUT THE AUTHOR: Rodrigo Julio Molina Ortega
Attorney, Financial Advisor, Free Trade.
Copyright Molina & Co.
More information about Molina & Co.
View all articles published by Molina & Co.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
