For years now, Panama has been the big winner of the Partial Scope Trade Agreement maintained with the Dominican Republic. As reported, the Dominican Republic in the first quarter of 2018 imported US$119 million from Panama but exported barely US$7.9 million to that Central American country.
The president of the National Council of Free Zones, Luisa Fernandez stated: “We have been living with our back to Central America and only concentrating on exports to the United States and Europe.” She spoke during the signing of an agreement between CNZFE and the Colon Free Zone of Panama that seeks to increase investment and trade between both countries.
Manuel Grimaldo of the Panamanian free zone said that Dominican businesspeople need to strengthen trade ties to overcome the deficit that is running with Panama. “An increase in sales of both nations will be made possible with the exchange of technical information and management of productive processes to facilitate the increase in business,” he said when participating in meetings with Dominican public and private sector.
Grimaldo said Panama sells US$600 million a year in goods to the Dominican Republic.
Meanwhile, the Dominican Republic has around 690 free zone export industries in operation with exports in 2017 more than US$5.9 billion, or 56% of national exports. The sector generates around 165,000 direct jobs and another 300,000 indirect jobs.
Grimaldo explained the new agreement “will seek to share the best practices, the promotion and development of the free zones regime and develop common actions that contribute to strengthen the companies established in the Colon Free Zone and in our country.”
The alliance was signed within the framework of the first Business Roundtable held by the Colon Free Zone with the public and private sector in the Dominican Republic. It is intended to increase the volume of commercial activities between both countries.
The Business Roundtable featured the participation of 26 Panamanian companies that export products and services from various fields, such as logistics, textiles, toys, schools, watchmaking, household items, beauty and dermatology products, mechanics, among others.
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El Dia
Diario Libre
9 July 2018
