After many negotiated agreements, it has been finally signed a Free Trade Agreement between Panama and Israel. This trade is very important because it is the first one made with a Middle Eastern nation.
Free Trade Agreement – Gogetit Highlights
* Panama and Israel signed the Free Trade Agreement between the two countries, highly benefiting the economy in both regions.
* The agreement was signed on Saturday in Panama City in order to seal a series of negotiated agreements including market access, customs, services and investment, intellectual property, trade barriers, institutional affairs and conflict resolution.
* With the signing of the Free Trade Agreement, it is seeked, among other things, to increase the capacity and competitiveness of small and medium enterprises in the Central American nation in the fields of innovation and technology transfer companies.
Panama and Israel have signed the Free Trade Agreement between both countries. This negotiation, came to be managed since several months ago and now it is a reality. This is the first agreement of Panama with a partner in the Middle East and therefore, represents important opportunities for Panamanian entrepreneurs and exporters. It has extensive coverage of goods, services and investments.
Last May, a spokesman for the Ministry of Economy of Israel, said the agreement is expected to serve as a springboard for other Israeli suppliers, especially in the software services, communication, information security, engineering and R & D, expanding the potential of these and other markets.
Moreover, the Minister of Commerce and Industry of Panama, Meliton Arrocha, was very pleased and said that this new free trade agreement is a part of efforts by Israel to expand their exports to new markets and strengthen relations with Latin American countries. Israeli exports to Panama in 2014 totaled 25 million dollars and imports from Panama at 3 million dollars, according to the Ministry of Economy of Israel.
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