CHILE: Chile and Panama sign a free trade agreement as Panamanian Vice President meets with Chilean President Michelle Bachelet

Record ID: 264575

  • Title: CHILE: Chile and Panama sign a free trade agreement as Panamanian Vice President meets with Chilean President Michelle Bachelet
  • Date: 28th June 2006
  • Summary: (BN16) SANTIAGO, CHILE (JUNE 27, 2006) (REUTERS) PANAMANIAN VICE PRESIDENT LEWIS NAVARRO MEETING WITH CHILEAN PRESIDENT MICHELLE BACHELET (6 SHOTS)
  • Embargoed: 13th July 2006 13:00
  • Keywords:
  • Location: Chile
  • Country: Chile
  • Topics: International Relations,Economic News
  • Reuters ID: LVA6TQ51NTAJVATDWIQDGR7BGEFM
  • Story Text: Chile signed a crucial free trade agreement with Panama on Tuesday (June 27) that promises to intensify its sales and create a strong commercial position in Central America. Meanwhile, Panamanian Vice President Lewis Navarro wrapped up his visit by meeting with Chilean President Michelle Bachelet.
    Earlier in the day, Chile's Foreign Minister Alejandro Foxley met with Navarro in Santiago to reach an agreement after talks stretching over more than 10 years. Taxes and financial services have always threatened to thwart any agreement in the past.
    Chile is one of the countries with the most free trade agreements in the world, a stance welcomed in Colombia but reviled by Venezuela's President Hugo Chavez. Chile is the principal user in Latin America of the Panama Canal while the fourth in the world behind the U.S, China and Japan. Foxley said he hoped the agreement would secure a third or second place for Chile and during a news conference he paid tribute to the global role of Panama.
    "Everyday Panama is becoming a centre of distribution for all the products of Central America, a centre very sophisticated in the provision of services, not only financial, but transport services and as such for a global economy like the Chilean economy, to have this point of support, that's to say, that radiates to other markets, is a big advantage," he said.
    In 2005 worldwide exports from Chile totalled $40,574m while this year the Central Bank is estimating shippings of up to $51,900m.
    Panama's Vice-President Lewis Navarro told journalists that both countries were in a strong position to maximize the agreement. "Both countries are full of development at the moment, both countries have economies with a robust growth at the moment, offering excellent opportunities that is the tool that we are signing today," he said.
    Last year exports from Chile to Panama totalled $111.5 million with top products of copper, gas, wood and wine. In return the Latin American country imported $10.8 million worth of goods from Panama including fishing boats, nets, perfume and rum.

    FREE TRADE AGREEMENTS TRADE RELATIONS
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