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Panama ratifies post Brexit trade agreement with UK

The Panamanian Minister of Commerce and Industries, Ramon Martinez, stated that the National Assembly had ratified an agreement that establishes an association between the United Kingdom and Central America after the UK exits the EU. This agreement will replace the current preferential trade relations with this nation, framed in the Association Agreement between the EU and the Central American countries, effective as of August 1, 2013. Panama joins Nicaragua and El Salvador as one of the three Central American countries that are legally ready for an eventual exit of the United Kingdom from the European bloc.

“This agreement is a kind of a technical replica of the current existing commercial agreement with the European Union (AdA) that aims to safeguard the legal stability and preferences that our countries have in the existing Association Agreement between Central America and the European Union once the UK departs the EU,” Martinez said.

He also said that the Andean Community countries that have a commercial agreement with the EU (Colombia, Peru, and Ecuador) had already signed a similar agreement with this country.

Trade flow
The total commercial flow between Panama and the United Kingdom in 2018 amounted to 89 million dollars, with the operations of the Colon Free Zone. 95.9% of Panamanian exports corresponded to fruits, such as banana (which accounted for 69.5%), melon, and pineapple.

 

Source: laestrella.com.pa 


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