After the beginning of the fourth round of negotiations between China and Panama for the Free Trade Agreement (FTA), the Central American country's government acknowledged that there are many details to be covered in this issue, and therefore, this process that began a few months ago must be extended to achieve the task.
The Minister of Commerce and Industry, Augusto Arosemena, said "Although we have made substantial progress to date in four rounds, we feel that we need some additional rounds to complete the treaty ... The negotiation will delay as necessary. We are comfortable with the advances to date, but it is true that we still have multiple issues in which we are somewhat distant," according to statements collected by EFE.
In principle, this fourth round of negotiations seeks to deal directly with the issues of financial services, origin rules and access to markets, in which some differences arise and Panama’s approach on the matter is state-related, also having the support of the private sector within this process.
In 2017, the figures obtained by the trade relation between China and Panama showed an importation of goods and services worth 1,344 million dollars and exported products worth 42.6 million dollars, thus after breaking with Taiwan , this process of Asian market is assumed to be successful by President Juan Carlos Varela.
At present, China is the second largest partner of Panama and the first in treaties and alliances signed in the Colon Free Zone; henceforth regardless of the delay of the negotiations, both nations will reach agreements.
Source - EFE