The exchange of finished goods has historically been deficient and given the fact that we are a service oriented country, the exchange amounted to B/.4, 615.4 million, a B/.2, 492.9 million more than in 2009 as a result of increased Value of imports (20.3%). Again the growth of the average cost of raw materials, mainly of petroleum, was decisive. On the other hand, there was a slight increase in exports, despite the growth of the Colon Free Zone (4.3%).
Rest of the country's exports
In 2010, gold sales for non-monetary, reached B/.70.3 million, surpassing the record of any previous year. Between 2006 and 2008 annual sales were less than B/.6 million annually, although in 2009 were higher sales (B/.16 million). This behavior corresponds to the onset of new extraction and growth of the international market price.Moreover, exports of fishery products weighed down considerably because restrictions on access to member countries of the European Union, considering that the country does not comply with measures to avoid and prevent illegal
fishing and some adjustments to your statistical record, which makes comparisons difficult. Thus adopted a series of measures involving the change of traditional technologies, more regulation, control and surveillance.
Free Trade Agreements
With the signature of the Free Trade Agreement between Panama and the United States, a new commercial phase after mid 2012, once the processes of signature and ratification by the congresses of United States. This commercial instrument has 23 chapters providing substantial legal security for business, trade and investments between both countries increasing opportunities to investors from the United States.
The Panama-US FTA is expected to generate an increase in the exports of goods and services towards an efficient and demanding market, increasing the interest in Panama as a safe harbor for investments. For 2011-2012, it is expected that the United States will maintain its level of investment in Panama, in business areas of importance such as:
Panama and Chile entered a Free Trade Agreement because the South American country opened 92.5% of their tariff lines. Similarly, Costa Rica joins the list of agreements, negotiating areas such as dairy, beef, pork and chicken, as well as telecommunications and financial services. On the other hand since 2010, Colombia beginning negotiations on a Free Trade Agreement (NAFTA), South Korea addition, CARICOM and Peru are treaties that have initiated processes of negotiation.
Export Processing Zones
The Export Processing Zones governed by Law No. 25 of November 30, 1992 are defined as Duty Free Zones of Free Enterprise, specifically designed for developing all the infrastructures, as well as the operative organization and the administrative activities that are necessary, under maximum efficiency criteria, so that within them are established, companies from all over the world which activities are the production of goods and services for the exportation.
The promotion/development and the operation of the EPZ are well-defined and the Law grants extensive power to the promoter to develop land; construct building and installations for all purposes; construct technical, medical, sporting, public service, transport and other centers; install and operate gas, energy, water, telecommunications and sewage systems, schools and other facilities; and construct and operate airports, ports, docks, cargo facilities, roads and other infrastructure, all subject to the applicable laws of Panama.
Similar incentives exist for oil and petrochemical companies located in the country’s Petroleum Free Zones as well as for Call Centers.
Panama is currently undergoing modifications to the law of export processing zones, by Bill 276 made on Thursday January 13, 2011. The changes come following a mandate from the World Trade Organization (WTO) does not endorse the export subsidies and production subsidies suggests. Thus, Panama has long pledged to eliminate the rule and now the turn seems to have arrived. The new bill creates new tax and labor rules for the Fairgrounds.
If you want to set up an export industry, in the Business Panama Group, we have licensed real estate agents, excellent lawyers, insurance specialists, mortgage brokers, investment advisors and other professionals to assist you on all your needs.
The Business Panama Group team of realtors, lawyers and other professionals will provide you a variety of services from the purchase of the property to all phases of development including structuring, financing, contractual, environmental, construction, permitting, employment, immigration and more. We also will be glad to provide you access to our “List of Recommended Professionals” formed by first class architects, environmental consultants, builders and others.
For more information, please click here to contact us.
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|Most photos are courtesy of IPAT and Alfredo Maíquez|