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Canada, Honduras Sign Free Trade Deal

by Mike Godfrey, Tax-News.com, Washington

07 November 2013


Over 98 percent of tariff lines will be duty-free when the newly signed Free Trade Agreement (FTA) between Canada and Honduras enters into force.

The deal was signed on November 5 by Canada's International Trade Minister Ed Fast, and José Adonis Lavaire, the Honduran Industry and Commerce Minister. It contains provisions on market access for goods, cross-border trade in services, investment, and government procurement.

Fast said of the Canadian Government's broader trade agenda: "Our government is focused on the real priorities of Canadians: creating new jobs and new opportunities. That's why we continue to open new markets for Canadian exporters around the world. With the Canada-Honduras free trade agreement, Canadian exporters, service providers and investors will benefit from enhanced market access, which will create new sources of prosperity for Canadian businesses of all sizes and their workers."

Negotiators also secured the restoration of full market access in Honduras for Canada's beef and pork exports.

According to Canadian Agriculture Minister Gerry Ritz, the FTA "opens another valuable field of opportunities for Canadian farmers, especially those producing pork and beef. Our government recognizes the importance of opening new markets to ensure that Canada's agriculture sector continues to be a strong driver of the Canadian economy, and we continue in this mission."

Bilateral merchandise trade between Canada and Honduras has increased by 46 percent since 2007. In 2012, Canada exported goods worth CAD38.6m (USD36.98m) to Honduras, CAD3.3m of which was agricultural goods.

TAGS: tax | investment | business | free trade agreement (FTA) | tariffs | trade treaty | agreements | tax rates | Canada | tax reform | trade | Honduras | free trade zone | services

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