LatinNews Daily - 06 March 2023

In brief: Panama boosts trade and investment ties with Ecuador

*Panama’s deputy foreign trade minister, Juan Carlos Sosa, has described Panama and Ecuador as “strategic allies in the region with large potential to promote investment and competitivity”. He made his comments following an event which took place in Panama City entitled ‘Ecuador Open for Business’ organised by Ecuador’s conglomerate Corporación Favorita in alliance with Ecuador’s government. The event was attended by Ecuador’s minister of production, foreign trade, investment, & fishing, Julio José Prado, and deputy foreign trade minister Daniel Legarda, who were heading up a trade mission to Panama. Sosa also highlighted consistent growth in Ecuadorean foreign direct investment in Panama since 2014, adding that over the last six years this had nearly doubled (without giving absolute figures). For his part, Prado tweeted that the two countries had “begun the path” towards a bilateral partial scope trade agreement (AAP), the terms of reference for which were signed by both governments in May 2021, and would “hold working tables to address pending phytosanitary and tax issues”. According to Panama’s trade & industry ministry (MICI), during the recent visit by the Ecuadorean delegation, representatives from both governments made progress in issues like taking advantage of investment, export and cooperation opportunities. The talks come as Ecuador and Costa Rica signed a trade association agreement, earlier this month.

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