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
2m ago PG&E : Dates Set for PG&E Quarterly Stock Dividends
5m ago GLG LIFE TECH : September 12, 2014GLG Announces Changes to Convertible Debt Agreement
5m ago ALLIANCE : Net Asset Value(s)
5m ago CEPS : Half Yearly Report
10m ago SINGAPORE TECHNOLOGIES ENGINEERING : DI-Guy Provides the Human Simulation Software to Help Create Sport-specific Scenarios for Training and Evaluation
10m ago BIOSOLAR : Names Nobel Laureate Dr. Alan Heeger and Dr. David Vonlanthen as Scientific Advisors
10m ago INMARSAT : showcases remote healthcare technologies at Digital Healthcare Week 2014
16m ago EXCELSIOR GOLD : Parkerville Resource Drilling Update
16m ago PANASONIC EL WORKS : Announces Seven Grand Prix Finalists for Kid Witness News Global Contest 2014
16m ago ROC OIL : Notice of despatch of Bidder's Statement to holders of ROC shares
Latest news
Advertisement
Hot News 
DIXONS CARPHONE : HELPING HANDSET ; Dixons jobs for Phones4u staff in its stores as ex-boss warns of price rises
THALASSA : Revenue Jeopardised By EU Sanctions Against Russia
SPORTECH : Set To Repay GBP93 Million After HMRC Wins Appeal
CRANEWARE : Ups Dividend As Profit Rises In Improving US Market
GLIMCHER REALTY : Other Events (form 8-K)
Most Read News
3h ago ADOBE SYSTEMS : revenue forecast misses, shares slip
1h ago BARCLAYS : N.Y. says Barclays move to toss fraud case should be denied
3h ago RAYTHEON : House Ways and Means Committee - Hearing
3h ago DELTA AIR LINES : announces Los Angeles-San Antonio nonstop flights, starting in April
2h ago Amid coffee rivalry, McDonald's Canada to sell java in grocery stores
Most recommended articles
21m agoDJU.S. Steel Canada to Seek Creditor Protection -- Update
22m agoDJChina's Central Bank Injects $81 Billion Into Top Banks to Counter Slowdown -- Update
23m agoDJSingapore August Non-Oil Exports Rise 6.0% on Year
44m agoDJS&P Downgrades Venezuela on Worsening Economy -- Update
53m agoDJFed Dims Emerging Markets' Allure
Dynamic quotes  
ON
| OFF