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Mexico, Panama Sign Free Trade Agreement

by Mike Godfrey, Tax-News.com, Washington

09 April 2014


On April 3, Mexico and Panama signed a free trade agreement (FTA) that could pave the way for the latter to become a full member of the Pacific Alliance (PA) trade bloc.

Mexican President, Enrique Pena Nieto, and his Panamanian counterpart, Ricardo Martinelli, signed the FTA in Panama City. It is hoped that the agreement will lead to a greater trade exchange in goods and services, and also promote reciprocal investments.

A key requirement in joining the PA is to have FTAs with all its member states – currently Chile, Peru, Colombia and Mexico. Mexico was, until the signing of the FTA, the only PA member with which Panama had not completed an agreement.

There has been no indication of the market access terms in the Mexico-Panama FTA, but, under the PA FTA, which was signed in February this year, tariffs are to be eliminated from 92 percent of goods traded between PA member countries. Most of the remaining tariffs will disappear within a few years, leaving only import duties on certain agricultural products.

TAGS: tax | free trade agreement (FTA) | tariffs | Mexico | agreements | import duty | trade | Panama

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