Taiwan and Panama signed a free trade agreement
Recent market reports reveal that on August 21 a free trade agreement between
Taiwan and
Panama has been signed. Accordingly, as well as
Taiwan's exports to
Panama, steel exports from
Panama accounting 70% of
Taiwan import will be duty free, from January 1, 2004 onwards.
It is believed that this free trade agreement will help
Taiwan to have further improved relations with Central American nations apart from
Panama and increase Taiwanese investment to
Panama which until now equals to $650 million. On the other hand, exports and imports from
Panama is expected to grow from its current levels up to $650 million and $600 million respectively.