Home / Knowledge / News / Apparel/Garments / FTA with Colombia will be signed soon: President of Panama
FTA with Colombia will be signed soon: President of Panama
13
Sep '13
Ricardo Martinelli, the President of Panama, has announced that the free trade agreement (FTA) with Colombia will be signed in the coming weeks, which will bring an end to the restrictions imposed by Colombia on apparel produced in the Colon Free Zone.
 
Speaking at a meeting of the Board of the Chamber of Commerce of Panama, the President said negotiations for the FTA between Panama and Colombia completed in June this year, and the agreement would be signed in the coming weeks.
 
Once the FTA is signed, the restrictions imposed by Colombia through tariffs on textiles and apparel from the Colon Free Zone will come to an end, the President said.
 
The imposition of five dollars per kilogram fee on imports of clothing by the Colombian Government also stood as a hurdle during the FTA negotiations, which concluded only after the Colombian Government clarified that the fee was only a temporary measure and not a permanent one.
 
As per the FTA, Panama will allow duty free access for most of Colombia’s current export supply, with immediate relief being agreed for 72 percent of the current industrial exports.
 
On the other hand, 49 percent of the tariff lines comprising Panamanian industrial goods will get duty-free entry in Colombia with the entry into force of the FTA, while 50 percent of other goods will receive tariff relief over a 3 to 12 year period.
 
At present, garments are among the major items that Colombia imports from Panama, and hence, Panama’s clothing exports are likely to get a boost once the FTA comes into force.
 
In 2012, Colombia’s exports to Panama were valued at US$ 2.857 billion, with crude oil accounting for about 80 percent of the same. Colombia’s imports from Panama were far less at US$ 72 million, with apparel accounting for a major share.
 

Fibre2fashion News Desk - India


Must ReadView All

Indian govt relaxes cabotage rule for cotton transport

Textiles | On 25th May 2018

Indian govt relaxes cabotage rule for cotton transport

The Government of India has relaxed cabotage rules for transportation ...

Courtesy: Teejay Lanka

Textiles | On 25th May 2018

Teejay Lanka doubles production capacity at Indian mill

Teejay Lanka, one of Sri Lanka’s largest textile manufacturers, has...

Courtesy: Messe Frankfurt/Yarn Expo Autumn edition

Textiles | On 25th May 2018

Yarn Expo Autumn 2018 scheduled earlier

Over 500 exhibitors are expected at the Yarn Expo Autumn 2018, being...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Top executives
Textile industry

GST has levelled the playing field to an extent

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Urmil Arya

Sushila International, a well established textile organisation established ...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search