Peru and Panama FTA enters into force in May (Panama City)
As of May will take effect on free trade agreement (FTA) signed between Peru and Panama, reported Friday, April 6, the Ministry of Foreign Trade and Tourism (Mincetur). The ministry stressed that the entry into force of this agreement will allow 99% of products traded by the two countries to benefit from zero tariffs immediately from next month. According Mincetur, this agreement will help boost trade exchange between both parties and allow the remaining items to achieve a tariff reduction over the next five years. The Peruvian government estimates consider that in the next three years, bilateral trade between Peru and Panama will be doubled thanks to trade liberalization. currently exports to Panama Peru mining products, textiles , fishing, metalworking, petrochemicals and information technology, while Panama provides services for the Panama Canal, investment and financial services, among other items. Peru and Panama signed the FTA on 25 May last year in Panama City and ratified by the Ministry of Foreign Affairs of Peru on March 9 this year, after it was approved by the Congress of Peru. Meanwhile, the Panamanian National Assembly ratified the FTA December 13, Protected content .