LatinNews Daily - 20 June 2018

El Salvador: Vice President Óscar Ortiz has asked the national legislative assembly to approve a proposal to join the customs union created by Guatemala and Honduras in June 2017. The creation of a customs union in Central America’s ‘Northern Triangle’ area would lead to the integration of land borders, ports and airports in the three nations, which together account for 69% of commercial activity and 70% of the population in Central America. According to Ortiz, most of the negotiations have been completed and El Salvador could become an active member of the customs union in Q3 2018 should the proposal be approved. Guatemala and Honduras have an estimated combined GDP of US$93.49bn. In 2017 El Salvador exported US$1.58bn in goods and services to the pair, while imports totalled US$1.632bn. Data from El Salvador’s central bank (BCR) shows that the country ran a trade deficit of US$84m with Guatemala and Honduras from January to April this year. The customs union will make the Northern Triangle a “much more competitive region with more capacity to attract important investment”, said Ortiz.

End of preview - This article contains approximately 186 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial