Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

European Commission - Directorate-General for Exte : EU trade deal with Guatemala becomes operational

11/29/2013 | 09:09am US/Eastern
Recommend:
0

European Commission

Press release

Brussels, 29 November 2013

EU trade deal with Guatemala becomes operational

As of 1 December 2013, trade barriers will be lifted between the European Union and Guatemala, when the trade pillar of the EU-Central America Association Agreement will be applied. With Guatemala joining, the whole region of Central America can now benefit from the agreement, as the deal is already implemented with the other five member countries - Costa Rica, El Salvador, Nicaragua, Honduras and Panama. This ambitious trade partnership will open up new markets and simplify rules which will boost trade and investments on both sides.

"This trade agreement will bring our regions closer together by giving our companies privileged access to each other's markets", said EU Trade Commissioner Karel De Gucht. "I am glad that all Central American countries are now part of it. It is an important stepping stone in our relations and paves the way for truly closer integration between the European Union and the whole of Central America, and should also facilitate regional economic integration in Central America."

The Agreement will open up markets for goods, public procurement, services and investment on both sides. This will create a stable business and investment environment based on predictable and enforceable trade rules which, in many instances, go further than the commitments the parties have made in the World Trade Organisation (WTO).

As a result, the Agreement will facilitate economic integration of the region while at the same time providing for new market opportunities for European economic operators, exporters and investors. The Central American economy is expected to grow by over €2.5 billion per year now that the Agreement applies to the entire region.

The trade deal has been applied with Honduras, Nicaragua and Panama since 1 August 2013 and with Costa Rica and El Salvador since 1 October 2013. The implementation of the Agreement with Guatemala was delayed to allow the finalisation of internal procedures.

Background

The EU-Central America Association Agreement will substantially improve market access for EU and Central American exporters. The main benefit of the new regime will be the improved trading and investment conditions established by the agreement. This is expected to create significant new opportunities for businesses and consumers on both sides.

The deal also includes far-reaching provisions on the protection of human rights and the rule of law, as well as commitments to effectively implement international conventions on labour rights and environmental protection. Civil society organisations will be systematically involved in the work to monitor the implementation of these commitments.

The agreement also aims at fostering regional economic integration among the six Central American countries.

The Trade pillar of the EU-Central Association Agreement is one of three - political dialogue, development co-operation, and trade. Its overall objective is to support economic growth, democracy and political stability in Central America. Pending the completion of ratification procedures by the 28 EU Member States, the trade pillar of the Association Agreement can be provisionally applied. During this provisional application period, companies can already receive all the trade preferences set out in the agreement.

For more information

Full text of the Trade Agreement

MEMO/11/429: Highlights of the trade pillar of the Association Agreement between Central America and the European Union

Press Release IP/13/881: EU trade deal with Costa Rica and El Salvador becomes operational, 27 September 2013

Press Release IP/13/758: EU Trade deal with Honduras, Nicaragua and Panama becomes operational, 31 July 2013

On EU-Central America trade relations

Contacts :

John Clancy(+32 2 295 37 73)

Helene Banner(+32 2 295 24 07)


distributed by
Recommend :
0
React to this article
Latest news
Date Title
13m ago OCEANAGOLD : Macraes Incident Easter Weekend
24m ago FORD MOTOR : Cheap Auto Parts for Ford, Dodge and Chevy Vehicles Now for Sale at Automotive Company Website
48m ago GENERAL MOTORS : Beijing auto show opens amid market slowdown
48m ago GENERAL MOTORS : Automakers look to Beijing show to boost sales in slowing, crowded market
1h ago S.Korea mulls special disaster zone as deaths rise to 36
1h ago German financial watchdog - Low interest rates could trouble bigger insurers
1h ago MACA : Duke, Imoke unveil Carnival Calabar queen
2h ago WPCS : Enters Into Definitive Agreement to Sell Its Seattle Operations
2h ago WPCS : Announces Launch Date for BTX Trader Platform
2h ago WPCS : to Host Shareholder Update Conference Call on April 16th at 4
Latest news
Advertisement
Hot News 
HAVELOCK EUROPA : Preliminary Results to 31 December 2013
LDK SOLAR : Provides Additional Information on its Request for Review of NYSE Regulation's Decision to Suspend Trading and Commence Delisting Procedures
HAYNES PUBLISHING : Third Quarter Hit By Us Inventory Returns, Weak UK
SPACEANDPEOPLE : Shares Slide As It Lowers 2014 Forecast
BLUR : Shares In Blur Group Plummet Due To Delayed Revenue Recognition
Most Read News
2h ago TEXTURA : Uncommon Uses Greengrade to Help Achieve LEED Platinum for Project VIDA
3h ago BAYERISCHE MOTOREN WERKE : Marion County Deputies Arrest Speed Racing Driver
2h ago HMN FINANCIAL : Announces first quarter results, april 22, 2014
3h ago GRAHAM : Pentagon Mulls Deployment As Poland Asks For 10,000 Troops
1h ago WPCS : Announces Launch Date for BTX Trader Platform
Most recommended articles
2d ago U.S. shares seen opening lower as tech giants stumble
2d ago Financials bolster FTSE after reassuring U.S. earnings
2d ago BLACKSTONE : earnings rise 30 percent, boosted by private equity gains
1h ago German financial watchdog - Low interest rates could trouble bigger insurers
5h ago SEC WEIGHS REQUIRING BROKERS TO IDENTIFY WHERE TRADES MADE : Bloomberg
Dynamic quotes  
ON
| OFF