Tag Archives: free trade

Honduras Signs Free Trade Agreement

News on December 1, 2011 by alma castro| Comments Off

After three years and seven rounds of negotiations, Mexico has signed an FTA with Honduras and four other Central American countries: Guatemala, El Salvador, Nicaragua and Costa Rica. Most assessments of the pact say it will help to raise the economy of each nation involved in the Central America Trade Specialization Act.

El Salvador’s Ministry of Economic Affairs issued a communique announcing that the FTA will replace current three bilateral trade agreements among Mexico, Guatemala, Honduras, El Salvador, Nicaragua and Costa Rica. The communique pointed out that the agreement is largely aimed at Mexican products and services, especially for that nation’s small and medium-sized enterprises.

Central America is a natural and developing market, and the signing of the FTA should prove to be good for firm trade relations between Honduras and the other nations in Central America and should make it easier for the six nations to exchange products and services.

The communique also claimed that the FTA will lead to economic growth. At present, Central America’s imports from Mexico stand at US$480 billion yearly, and the zone is obviously important to Mexico’s external trade.

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Posted in Honduran Business - Economics

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Hondurans Protest Trade Embargo

News on November 18, 2009 by Administrator| 2 Comments

Dozens of Honduran farmers have blocked the customs office of El Salvador in the capital city for nearly a week to protest against El Salvador’s rejection of their products.

Santiago Ruiz, president of the National Federation of Agriculture and Livestock of Honduras, said the farmers used their trucks and machines to block the office. El Salvador forbids the imports of Honduran milk products, vegetables and shrimps.

Tuesday was the sixth day since the farmers have blocked the customs office, causing millions of dollars in losses.

The Honduran milk industry, alone, wastes at least 130,000 liters of milk a day, worth about 800,000 U.S. dollars, Ruiz said. Ruiz told local media that Honduras had proposed a dialogue with El Salvador, which has wanted neither to “talk with us” nor to “solve the problem.”

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Panama – Honduras FTA

News on January 9, 2009 by Administrator| Comments Off

The Free Trade Agreement (FTA) between Panama and Honduras took effect on Friday, which will facilitate the circulation of 80 percent of the goods between both countries, the Panamanian Ministry of Commerce and Industry (Mici) said, Xinhua reported.

According to Mici, the commercial agreement will allow the free circulation of goods, intensify the services sector and create opportunities for bilateral commercial exchanges, which totaled 165 million U.S. dollars.

The agreement was signed in June 2007 by Panamanian President Martin Torrijos and his Honduran counterpart Manuel Zelaya after one-year negotiations.

For the Panamanian production sector, the accord means preferential deals on the trade of 400 tons of bovine meat and 100 tons of pork meat in two years, as well as quotas on other products like milk and cheese.

Honduras is considered the third largest market of exports for the Panamanian products and one of the most important destinations of the re-exports in the Colon Free Zone, the main commercial center of the region.

Meanwhile, 17 percent of the Honduran exports are sent to Panama. Honduras’ main investments and credits also come from Panamanian banking institutions, with a credit portfolio of over 236 million U.S. dollars.

In addition, the Panamanian financial and insurance institutions will extend their operation to the Honduran market, where there is a growing maritime industry that needs those services.

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Posted in Honduran Business - Economics, Politics in Honduras

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