Senate approves FTA Mexico-Panama

Panama

Panama is the second most important Latin American investor in Mexico, generating a total of one thousand 35 million dollars from 1999 to 2014.

The Governments of Panama and Mexico broadcasting Decree of TLC.

City of Mexico, June 2, 2015.-Approved the Decree of the Treaty free trade agreement (FTA) between Mexico and Panama, with the objective of establishing the bases of bilateral commercial relations, Secretariat of Foreign Affairs (SRE).

The Treaty was signed in the City of Panama in April 2014 and looking for facilitating trade in goods and services, removal of technical barriers to trade, increase investment and protect intellectual property rights.

The Mexico-panama bilateral relationship has been strengthened with the advance in the following topics:

  • Support of Mexico to Panama entered the G-3.
  • Support to Mexico for its admission as observer member of SICA.
  • Extension of the immigration facilities for people of Panamanian business and tourists travelling to Mexico, by issuing, on December 1, 2004, of visas of long duration and multiple entrances to Mexican territory, 5 years for tourists and 3 years for business people.
  • Inauguration of the premises of the headquarters of the Chamber of Commerce Mexico-panama, as well as the establishment of an Office of the Inter-American network of trade, located in the World Trade Center, Panama City.
  • Signing of the agreement of modification of the agreement on transportation air signed on February 14, 1996, concluded by Exchange of notes dated October 11, 2005.
  • Signing of the agreement for the protection and protection mutual of investments (APPRI), held in Mexico on October 11, 2005.

With this background, April 12 the Chamber of Senators approved the free trade agreement between the two countries and published in the official journal of the Federation (DOF).

In this logic and in compliance with the provisions of section I of article 89 of the Constitution, the holder of the Federal Executive, Enrique Peña Nieto, issued the decree for its observance.

With this agreement, the Central American country will comply with the requirement of having a free trade agreement with all the Nations of the Pacific Alliance, in order to acquire the status of a full member in the regional integration initiative.

It is expected that Mexican exporters are benefited in the next five years with growth of more than 12% on shipments of goods to Panama, as well as encouraging investments.

Panama is the first tenth trading partner for Mexico in Latin America and the Caribbean, and the Foreign Direct Investment (FDI) in the country from Mexico adds a total of 887 million dollars.

Six years back, Panama has positioned itself among the leaders of the region in attracting foreign direct investment, which has been mainly directed to sectors such as logistics, energy, real estate, free trade zone, financial services.

The current Government of Panama has prepared a five-year Strategic Plan, whose main objective is the improvement of productivity and competitiveness in those sectors with greater production potential (logistics, agro-industry, financial services and tourism) through an ambitious public investment plan, aimed at improving our business environment.

Mexican Business Web

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