Panama and Chile signed a free trade agreement earlier this month after a 10-year negotiation process that 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 two sides excluded some sensitive issues from the agreement such as market access for agricultural products. Talks on financial services are also continuing.
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