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Panama - South Korea Free Trade Agreement (FTA)

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Panama - South Korea FTA Confirmed

The Panamanian Assembly approved in third debate the bill 305, which ratifies the Free Trade Agreement between the Asian country and the Central American region.

Thursday, July 9, 2020

Once President Cortizo Cohen approves this law and it is promulgated in the Official Journal, it is expected that the corresponding diplomatic notes will be exchanged as soon as possible so that the FTA can come into effect, informed the Panamanian government.

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From the MICI press release:

July 9th, 2020. The Plenary of the National Assembly of Deputies (NA) approved this Wednesday in the third debate the Free Trade Agreement (FTA) between the Republic of Korea and the Republics of Central America, which seeks to promote investment, trade, cooperation and technology transfer with the Asian country, which today is one of Panama's main trading partners in Asia.

"The approval of Bill No. 305 of the FTA with South Korea is an important step in our trade strategy that is focused, among other aspects, on attracting foreign investment, which is very important for economic recovery, as well as boosting exports," said the Minister of Trade and Industry (MICI), Ramón Martínez, who presented the document to the AN on behalf of the Cabinet Council last April.
Minister Martinez confirmed that the Treaty, which has 24 chapters covering areas such as services, investment, intellectual property and customs administration, achieved preferential access for more than 90% of items that make up the Panamanian exportable supply, and ensured the shielding with the total exclusion of all sensitive products, both agricultural and industrial.
Once the President of the Republic, Laurentino Cortizo Cohen sanctions this law and it is promulgated in the Official Journal, the exchange of the corresponding diplomatic notes is expected to take place as soon as possible so that the FTA can enter into force. After the above, the treaty will enter into force two months after the exchange of notes, said the holder of the MICI.



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Proyecto de TLC con Corea pasa a manos de Cortizo; diputados lo avalan en tercer debate

El proyecto 305 no recibió modificaciones por tratarse de un acuerdo que fue pactado entre ambas naciones.
Aminta Bustamante
09 jul 2020 - 01:20 PM


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  • Moderator_02 changed the title to Panama - South Korea Free Trade Agreement (FTA)
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FTA with South Korea Soon to Take Effect

As of March 1st, the Free Trade Agreement signed between the Republic of South Korea and Central American countries will become effective.

Friday, February 26, 2021

After several years of negotiations, the trade agreement between the countries of the region and the Asian nation will finally come into force next Monday.

Ramon Martinez, Minister of Commerce and Industries of Panama, said that "... with this agreement, interesting accesses were achieved with respect to our exportable offer, ensuring the total exclusion of all sensitive products for the country."

The FTA between the Republic of Korea and the Central American Republics is in force for Costa Rica, Nicaragua, El Salvador and Honduras, according to a statement issued by the Ministry of Commerce and Industries (MICI).

The official document adds that "... the FTA provides instant access for Panamanian agricultural and agro-processed products such as coffee, palm oil, tomato paste, rum and seafood products.  At the same time, it contemplates market access under preferential conditions for some products of our exportable supply such as frozen, fresh or refrigerated boneless beef, frozen pork (hams and shoulders), cassava in all its forms, tropical fruits (pineapple, banana, watermelon, melon, papaya), value-added products for chicken and beef, raw and refined sugar, fishmeal and fish powder, among others."



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