The World Trade Organisation (WTO) on Monday announced that it had completed a Trade Policy Review of Panama, the results of which are being published this week.
According to the WTO, Panama maintains an essentially liberal trade and investment regime, characterized by relatively low tariffs and few non-tariff barriers, which, it stated: "is in consonance with the vital role that trade plays in Panama’s economy".
The WTO continued:
"Panama's service-oriented economy acts as an international hub for activities such as maritime transport, distribution services, and banking. In contrast, the production of a number of agricultural and manufactured goods receives assistance through border protection and fiscal incentives, some contingent upon exportation."
According to the report, undertaking further reforms such as the rationalization
of assistance programmes and the simplification of the trade regime, particularly
the tariff structure, would help Panama to build on its comparative advantage
as a supplier of international services, notably transportation through the
Canal, and sustain the robust economic growth achieved in recent years.
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