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 LeadersCalendar 

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
05:50a MANCHESTER UNITED : Despite dissapointments lately, Manchester United are "not giving anything up"
05:50a BIOCERAMICS MARKET SIZE TO REACH $19.05 BILLION BY 2022 : Grand View Research, Inc.
05:49a IFP ENERGIES NOUVELLES : An outstanding success for IFP School's 2nd MOOC on sustainable mobility
05:49a DEUTSCHE ROHSTOFF : Almonty Industries veröffentlicht Jahresabschluss zum 30. September 2015
05:49a DEUTSCHE ROHSTOFF : Almonty publishes Financial Statements for the year ended September 30, 2015
05:49a MISSOURI PORK ASSOCIATION : Lindsey Robinson Receives Missy North Memorial Scholarship
05:49a COMPUGROUP MEDICAL : CGM AG becomes CGM SE
05:49a ORNUA OPERATIVE : Majella Darcy to lead Ornua HR
05:49a PODRAVKA : 10.02.2016. Acquisition of PODRAVKA Inc. shares - Notice
05:49a MISSOURI PORK ASSOCIATION : MPA Chairman’s Award Presented to Dr. Ron Plain
Latest news
Advertisement
Hot News 
IMPERIAL TOBACCO : stubs out Tobacco from name ; Manufacturing
TANGENT COMMUNICATIONS : Recommended Cash Offer
HORNBY : Warns On Annual Loss And Banking Covenants After Weak January
HARBOURVEST HVGPE : HVPE Releases Analyst Presentation
IVU TRAFFIC TECHNOLOGIES : Berlin, 10.02.2016 | IT-Trans 2016: IVU focuses on digitalisation and virtualisation
Most Read News
02/09 CLIFFORD CHANCE LLP : advises on sale of the Isaac Plains Coal Project by Sumitomo Corporation and Vale
02/09 AUSTRALIAN GREENS : Up to 23 consignments of produce sent overseas from farm linked to salmonella outbreak
12:02a WORLDREMIT : Raises $45m to Drive Next Phase of Growth
02/09 CTI BioPharma Provides Update On Clinical Hold Of Investigational Agent Pacritinib And New Drug Application In U.S.
02/09 VIVA ENERGY AUSTRALIA : Shell Helix DJR Team Penske Sponsorship
Most recommended articles
05:49aDJDeutsche Bank Shares Soar
05:47a Oil rises towards $31 as Russia floats idea of supply cut
05:47a Oil rises toward $31 as Russia floats idea of supply cut
05:36aDJIceland's Central Bank Keeps Rates on Hold
05:35a UK industrial output suffers biggest drop since 2012 in December