The European Union (EU) will launch free trade agreement talks with six Central American countries and four countries of the Andean Community, it was revealed at last week's EU-Latin American summit.
European Commission President Jose Manuel Barroso stated that he hoped talks on an 'association agreement' which would include a free trade deal, would be launched by the end of the year, following approval from EU member states. The negotiations would initially involve Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama.
The EU has also agreed to expand an existing trade accord with Chile, described by Mr Barroso as "a great success". According to the Commission President, trade between the EU and Chile grew by 23.6% in 2005 "so that shows that trade is a win-win situation".
In addition, the EU has agreed to further talks with four Andean nations, including Bolivia, Colombia, Ecuador and Peru, aimed at removing obstacles to a free trade deal. Peruvian President Alejandro Toledo has stated that the talks could lead to a free trade pact between the two blocs by 2008.
Meanwhile, the the prospect of faster progress towards an EU/Latin American free trade initiative was welcomed by the newly installed Costa Rican president, Oscar Arias, who told the country's La Nacion newspaper that the need to begin discussions was "urgent".
"It should have been done a long time ago," he added.
Arias is currently attempting to persuade Costa Rican lawmakers to ratify the Central American Free Trade Agreement (CAFTA), which would phase out most tariffs on trade between Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, the Dominican Republic and the United States.
Costa Rica is the only country not to have ratified the pact.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment