On 22 May, by publishing a decree promulgating in the Official Gazette, by the Senate of Mexico, the Free Trade Agreement between Panama and the northern country has officially entered into force. This FTA will, among other things, that the bilateral trade between the two regions is strengthened.
* Panama is the second most important investor country in Mexico, after Brazil, with a total of U.S.$ 1.035 billion between 1999 and 2014.
* In the last 10 years, trade between Mexico and Panama nearly doubled, to reach U.S.$ 1.009 billion in 2014, placing the country as the fourth largest trading partner of Mexico in Central America.
* Thanks to the Free Trade Agreement with Mexico, Panama is close to joining the Pacific Alliance, a regional integration initiative formed in 2011 by Chile, Colombia, Mexico and Peru.
After months of negotiations and revisions, Panama and Mexico already have a free trade agreement that will strengthen bilateral trade. According to Mexican authorities, the FTA has a special significance because Panama is the most dynamic economy in the region over the past decade (average annual growth of 9.1% of GDP).
According to information published by La Estrella website, the FTA between Mexico and Panama will lay the foundation for a major commercial corridor in the continent and will consolidate the position of both countries as privileged platforms of production and distribution of goods and services, both for the Americas, and for global markets.
It is important to mark that in 2014, Panama ranked fourth in the list of partner countries of Mexico in Central America, and ranked twelfth in Latin America and the Caribbean. With the support of Mexico, Panama is close to joining the Pacific Alliance (AP), formed by Chile, Colombia, Mexico and Peru, who have a free movement of goods, services, capital and people for their development. These four nations meet 40% of the GDP of Latin America and trade among its members reaches 4%.
Besides Panama, Costa Rica and Uruguay are the Latin American countries that have expressed interest in joining the bloc, while in Europe and Asia, the countries interested in joining the Pacific Alliance are Spain, Australia and Japan.