Re-exporters in the Colon Free Zone are seeking to attract companies from Peru, Uruguay, Brazil and Mexico, to compensate for some they of the businesses that have lost due to the taxes imposed by Colombia.

Nearly 70 companies in the Colon Free Zone (CFZ) are among the most affected by the tariff measures imposed by Colombia, the main importer of footwear and textiles that is re-exported from the FTA to Latin America. Panamaamerica.com.pa reports that this is added to  “… Venezuela’s economic condition and a drop in purchases from Caribbean countries.”

See also: “Shoe market in Central America“

The manager of the CFZ Manuel Grimaldo explained that “...Technical work tables have been created with very specific sectors of the Colon Free Zone in order to detect needs and identify actions that will promote competitiveness of the free zone. Important companies such as Zeppelin, SA, Payless Shoesource among others, were part of this work table.“

See: “Tariff conflict between Panama and Colombia“

Grimaldo added that “…‘Footwear companies have had to reinvent themselves in order to stay in business and offer new services, in addition to taking advantage of the benefits offered by Free Trade Agreements’ … We started with pharmaceutical products and now we will continue with footwear, but we intend to cover textiles, electronics, jewelry and others that have been affected by various factors, we want to know the status of the activity and how the CFZ can contribute to this activity being maintained.“