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Honduras, Canada Free Trade Pact Takes Effect

by Mike Godfrey, Tax-News.com, Washington

03 October 2014


Honduras has finally concluded a free trade agreement with Canada after decade-long negotiations.

With the entry into force of the agreement on October 1, 2014, Canada abolished tariffs on 96 percent of Honduran goods. It also agreed to eliminate tariffs on a further two percent of goods after a three-year period. Honduras, meanwhile, cancelled tariffs on 68 percent of Canadian exports.

Key sectors expected to benefit immediately from better market access include agriculture, professional services, value-added food processing, and manufacturing. Resource-based industries will also benefit under the treaty.

Bilateral merchandise trade has grown by 46 percent since 2007. In 2012, Canada's exports to Honduras were worth CAD38.6m (USD34.5m).

TAGS: free trade agreement (FTA) | export duty | accounting | tariffs | food | manufacturing | Canada | import duty | trade | Honduras | services | Central America

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