Bilateral Trade Between Panama and Mexico - Movement Toward a Common Market or a Free Trade Agreement (FTA)

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Panama and Mexico agree to reinvigorate bilateral cooperation projects

Tue, 07/24/2018 - 17:25

The governments of Panama and Mexico agreed to reinvigorate the projects that make up the Technical and Scientific Cooperation Program between the two countries, as well as identify areas of opportunity to improve their execution, an official source reported today.

Delegations of the two governments discussed the matter during a meeting held through  via videoconference, in which both parties presented their priority cooperation areas, the Foreign Ministry of Panama said in a statement.

In the case of Panama, these areas are based on the Strategic Plan of the National Government and the National Cooperation Plan "Panama Coopera 2030", aligned with the Sustainable Development Goals (SDG).

Panama expressed interest in continuing to share experiences, knowledge and good practices for the strengthening of the institutional capacities with Mexico.

The Panamanian ambassador in Mexico, Ricardo Pérez, highlighted the timely coincidence of the meeting with the process that Panama has initiated to establish an international cooperation platform "Panama Coopera 2030" based on national priorities and that at the same time formalizes the role of Panama "not only as a recipient country, but as a country offering international cooperation."

This platform of international cooperation is given through a systematized, efficient, safe and transparent management, which is also aligned with the SDGs, the 2030 Agenda and the National Government Strategic Plan, added Pérez.

Pérez urged both delegations to continue working with the commitment demonstrated in the different levels of coordination of the Program, in order to guarantee the strengthening and sustainability of the projects in the medium and long term.

The Ambassador of Mexico in Panama, José Piña, highlighted the growing role of the isthmus in regional cooperation as a provider country.

Piña expressed gratitude for the mobility scholarships granted to Mexican university students within the framework of the Academic Mobility Program.

The Mexican ambassador also referred to the cooperation programs for development promoted by the Mexican Agency for International Cooperation for Development (AMEXCID), in programs such as the bi-national bridge over the Sixaola River and the construction of water reservoirs.

The Work Agenda with the respective national institutions was held in Panama by Luz Divina Arredondo, director in charge of International Cooperation and by Mexico Julián Cárdenas, general director of the Integration and Development Project of Mesoamerica.

The meeting balanced the status of projects in management and recognized the need to incorporate approaches to the interests of each country in international cooperation and maintain periodic reviews of progress every three months, according to official information.

 

http://www.panamatoday.com/panama/panama-and-mexico-agree-reinvigorate-bilateral-cooperation-projects-7396

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Panama wants Mexico to lead regional common market

José Gabriel Carrizo

Posted 07/10/2019

Panama vice president, José Gabriel Carrizo, called on Mexico on Monday, October 7  to lead the formation of a common market in Latin America that facilitates the development of the region and allows it to compete with the rest of the world.

"In Latin America, we have a market of 700 million people and we have not been able to do it (unify it). That is why we are here, to invite you to join forces and work as a single block that prevents us from falling behind," Carrizo said during a business forum organized by Forbes in Mexico City.

Carrizo gave as an example of the free trade agreement of Mexico with the United States and Canada, the integration of the countries of the European Union and the free trade agreements of several Asian countries.

"Only together and united in a single block will we be able to conquer the borders that distance us from equity, competitiveness and development," said Carrizo, who attended the forum on behalf of the president of Panama, Laurentino Cortizo, 

Carrizo said that of the two economic powers of Latin America, which are Mexico and Brazil, the North American country starts with the "advantage" to lead the common market since it shares the language of 500 million people.

"A great power has a great responsibility and it is time to act. The first step is internationalization to consolidate the economic bloc and the logical market to begin this internationalization is Central America and the Caribbean," said Carrizo

He commended the virtues of Panama, such as its link with the dollar, its socio-political and economic stability, the regulations that facilitate the installation of multinationals and the fact of having "the best connectivity in Latin America."

"Panama has a government that begins its five-year period that creates and facilitates access to private companies. We are here to open the doors to Mexican investments to establish themselves in Panama and bet on the consolidation of the block," he said.

Carrizo said that only in this way can Latin America "compete and win on the stage of the developed world."

The vice president said that Panama is a hub of hubs and has the highest foreign investment per capita and the highest  GDP per capita in Latin America.

 

https://www.newsroompanama.com/world/panama-wants-mexico-to-lead-regional-common-market

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Panama to Speed Up Trade with Mexico

Upon the signing of Decision No. 3 of the Free Trade Agreement between the two countries, a scheme will be established in early September to simplify the issuance of Certificates of Origin, based on current technologies.

Friday, July 24, 2020

On July 22, the Panamanian and Mexican authorities signed Decision No. 3 of the trade agreement between the two economies. The document will become effective 45 days after its signature.

Check out the "System for monitoring markets and economic situation in Central American countries", developed by CentralAmericaData.

From the MICI statement:

July 22nd, 2020. The Office of International Trade Negotiations (ONCI) of the Ministry of Commerce and Industry (MICI), through the National Directorate of Administration of International Trade Treaties and Trade Defense, announced this Wednesday the signing of Decision No. 3 of the Free Trade Agreement between the United Mexican States and the Republic of Panama, which will facilitate trade between the two countries.
 
The document signed by the holder of the MICI, Ramon Martinez, makes known to the operators of foreign trade of both nations, the mechanisms with which the corresponding authorities will validate the Certificates of Origin of goods, making us more competitive, expeditious and effective.
 
Given the effects of the COVID 19 pandemic on trade development, the approval of Decision No. 3 of this FTA, allows for the establishment of a simplification scheme in the issuance of Certificates of Origin, supported by current technologies.
 
As detailed by the ONCI Directorate, the document will come into force 45 days after its signature, and the valid Certificates of Origin issued before the date of entry into force of this Decision, may be used during the term of its validity.
 
Mexico is the sixth most important trading partner of Panama, a country with which it signed a Free Trade Agreement in April 2014 and which has been in force since July 2015.

 

https://www.centralamericadata.com/en/article/main/Panama_to_Speed_Up_Trade_with_Mexico

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Furniture: Business figures with Mexico

From January to April 2020, Central American companies imported more than $3 million in furniture and parts from Mexico, and 46% of the total was purchased by companies in Guatemala and Panama.

Friday, August 14, 2020

Figures from the Trade Intelligence Unit of CentralAmericaData:

Explore the data in the interactive display.

Variation of Imports by Market
During the first quarter of 2020, only companies in Nicaragua and El Salvador increased their furniture purchases from Mexican companies, reporting 18% and 9% year-on-year variations, respectively.

In the case of Costa Rica and Guatemala, imports from Mexico fell during the period in question, with -18% and -30% variations compared with the same period in 2019, in that order.

For the months under analysis, purchases by Panamanian companies fell by 37% and those of Honduras by 40%.

Guatemala, Main Purchaser of Mexican Furniture
In the first four months of 2020, the main Central American buyer of furniture and parts to Mexico was Guatemala, with $900,000, followed by Panama and Costa Rica with $900,000 each.

As of April this year, imports from Nicaragua and El Salvador amounted to $500,000 in both cases, and $200,000 from Honduran companies.

Central American Purchases to Mexico Downwards
Between the first four months of 2019 and the same period in 2020, the value imported by the countries of the region fell by 21% from $4.1 million to $3.2 million.

Central America is the second most important market for Mexican furniture, since in terms of imports, is only exceeded by the United States.

 

https://www.centralamericadata.com/en/article/main/Furniture_Business_figures_with_Mexico