Today, Chile and Panama are signing the free trade agreement they reached last February. The agreement opens up 92.5% of the Chilean economy to Panamanian producers.
The 10-year negotiation process was interrupted between 1998 and 2004 due to differences over financial services.
Alejandro Ferrer, Panama's Minister of Commerce and Industry said that most Panamanian products will enjoy a zero tariff when entering Chile's market.
Chile is Latin America’s heaviest user of the Panama Canal, with 50% of the country’s external trade reliant on the thoroughfare. Last year, exports from Chile to Panama totaled $111.5 million, while imports from Panama reached $10.8 million.
This is the fourth such agreement for Panama, which has previously reached free trade deals with El Salvador, Taiwan and Singapore.
The agreement includes protection for several Panamanian industries, including many agricultural products such as coffee, rice and sugar. Other agricultural products are still excluded from the agreement; and talks on financial services are also continuing.
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