The canal country’s accession was  formalized on 29 June and this will accelerate the elimination of tariffs and regional trade facilitation.  Another step to insure Panama’s continued growth.

The incorporation of Panama to the Secretary for Economic Integration of Central America (Sieca), will allow Central American countries to sign the Association Agreement with the European Union (EU).

“The EU required Panama’s integration into the agreement, it is a country with an economic growth of 10%, a canal through which 5% of world trade passes, it has a robust banking system and a free zone situated in the Atlantic city of Colon “, reported Laprensa

Panamanian Trade Minister in an interview with AFP, noted the importance for Europe of the integration of Panama into Central America, “… 50% of goods exported to Central Europe and Panama come to the Colon Free Zone.”