Taiwan and Panama signed a free trade agreement

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.