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Peru-Panama FTA to come into force in 1Q 2012

Andina, Peru

Peru-Panama FTA to come into force in 1Q 2012

14 December 2011

Lima/ Peruvian Minister of Foreign Trade and Tourism Jose Luis Silva on Wednesday said that the Free Trade Agreement (FTA) signed with Panama will come into effect in the first quarter of 2012 after being approved by the National Assembly of said Central American country on Tuesday.

“Now, what’s left to do is that both ministries of Trade come to an agreement so that the FTA can come into effect simultaneously,” Minister Silva told Andina news agency.

Trade with Panama may double in the next three years thanks to the signing of said agreement.

The Peru-Panama FTA will boost the exports of small enterprises as the standards and requirements are similar in production, which will facilitate trade between both countries.

Panama imports to Peru amount to 40 million dollars, while exports total 1 million dollars.