Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

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
React to this article
Latest news
Date Title
02:49p Canada's Largest Provincial Labour Federation Endorses Thomas Mulcair's NDP
02:47p U S DEPARTMENT OF TREASURY : Readout from a Treasury Spokesperson of Secretary Lew’s Meeting with Japanese Deputy Prime Minister and Finance Minister Taro Aso at the G-20 in Ankara, Turkey
02:47p IMF MONETARY FUND : Press Release: IMF and Caribbean Officials Discuss Uneven Economic Outlook, Strategies to Tackle Energy Challenge and Financial Sector Issues in the Caribbean
02:44p PUBLIX SUPER MARKETS : As new law prohibits street fundraising, firefighters instead host drive at Publix stores
02:43p ZODIAC AEROSPACE : Federal Contracts Awarded by Federal Agencies in New Jersey (Sept. 4)
02:42p FITBIT : Federal Contracts Awarded by Federal Agencies in Massachusetts (Sept. 4)
02:42p HONEYWELL : Federal Contracts Awarded to Companies in New Mexico (Sept. 4)
02:42p UNITED TECHNOLOGIES : Federal Contracts Awarded by Federal Agencies in Oklahoma (Sept. 4)
02:42p HONEYWELL : Federal Contracts Awarded by Federal Agencies in Utah (Sept. 4)
02:42p PIEDMONT NATURAL GAS : Change in Directors or Principal Officers, Other Events (form 8-K)
Latest news
Advertisement
Hot News 
IS SOLUTIONS : To "Significantly Exceed" Market View After Strong Start
BIOVENTIX : Trading Update and Notice of Results
SCISYS : Allays Banking Covenant Breach Fears After Lender Talks
VINCE : Reports Second Quarter and First Half Fiscal 2015 Results; Revises guidance for fiscal 2015
TRADING EMISSIONS : Says EUR9 Million Claim Dismissed
Most Read News
07:30a TRIDENT CAPITAL CYBERSECURITY : Announces Sean Cunningham, Formerly of Intel Capital, Joins as Managing Director
09/03 S.F. Prep Study Shows 41% Decrease in Condom Use, Notes AHF
12:27a HOP HING : Monthly return for the month ended 31 august 2015
09/03 NORTH MINING SHARES : Suspension of trading
01:15aDJLarge Australian Coal Project Clears Legal Hurdle
Most recommended articles
02:42p Japan's Aso says communicated need for China to deal with structural issues
02:39p Wall St. drops as jobs data leaves Fed-watchers hanging
02:37pDJLower Gas Prices Yield Uneven Benefits
02:36pDJMcGraw-Hill Education Files to Go Public
02:34p CHINA TELLS G20 IT'S COMMITTED TO STRUCTURAL REFORMS, GROWTH : Moscovici