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

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
03:45a ALMARAI : 25.05.15 - Almarai announces the resignation of a Board of Directors member (Managing Director) from his executive position in the company and continue as a board member but (Non-Executive) Read the announcement
03:45a ASTELLAS PHARMA : Announces Acquisition of Own Shares (pdf 62KB)
03:45a QUANTEL : 7M$ order for military lasers
03:45a NESTLE : ‘Clear insight’: Nestlé wins award for Creating Shared Value report
03:45a MORI HILLS REIT INVESTMENT : MHR Announces Conclusion of Interest Rate Swap Agreement (PDF:82KB)
03:45a EUROPACORP : 2014/2015 Annual Revenue €227.5 million up 7% compared to the previous year
03:44a REDX PHARMA : Identifies Second Drug Development Candidate
03:41a INVESTEC : *ubs raises investec price target to 746 (688) pence - 'buy'
03:40a AstraZeneca hit after psoriasis drug linked to suicide fears
03:39a PUBLISHING TECHNOLOGY : Proposes Equity Raise As It Swings To Loss (ALLISS)
Latest news
Advertisement
Hot News 
ATLANTIC COAL : Gets 37% Increase In Stockton Reserves In Pennsylvania
INVESCO INCOME GROWTH : Change of Adviser
EDEN RESEARCH : EU Product Authorisations
British-based banks planning for EU 'no' stymied by lack of European office space
PARTNERS : embarks on GBP 200 million office development in the City of London
Most Read News
05/25 BARAKAH OFFSHORE PETROLEUM BHD : PBJV secures Shell jobs
01:43a ROYAL DUTCH SHELL A : PRESS: Decades Before Shell's Arctic Production Comes On Stream - FT
05/25 WEIBO : Singer suspends Weibo updates to end cyber bullying
05/25DJCHINA CONSTRUCTION BANK : Named Yuan-Clearing Bank in Chile
05/25 AUSTRALIA AND NEW ZEALAND BANKING : ANZ and ETF Securities launch joint venture with six ASX listed exchange traded funds
Most recommended articles
03:40a AstraZeneca hit after psoriasis drug linked to suicide fears
03:25aDJFord's Turkish Joint-Venture Hit by Labor Dispute
03:23a China-led lender adds urgency to Japan's pursuit of pan-Pacific trade pact
03:22a Irish cabinet begins talks on Aer Lingus sale
03:15a WARREN BUFFETT : Ifr