Brussels, 26/02/2015 (Agence Europe) - During his visit to Brussels on Wednesday 25 February, Panama's Minister for Trade and Industry Meliton Arrocha and European Commissioner for Trade Cecilia Malmström discussed progress in implementing the trade section of the association agreement between the EU and Central America. This agreement has been in force since 1 August 2013, and Panama is party to it alongside Costa Rica, Guatemala, Honduras, Nicaragua and El Salvador.
Malmström and Arrocha discussed the chapters of the association agreement relating to cooperation, and the possibilities offered by the €40 million in regional cooperation funds in aid for trade in order to help businesses based in Panama fully exploit the agreement.
Arrocha asked the EU to consider establishing a diplomatic presence in Panama to support the implementation of the cooperation and trade chapters of the association agreement. He also informed Malmström of Panama's progress in developing the auxiliary port services sector and sustainable fishing.
The leaders of EU and Panama will meet again at the second EU-Latin America and Caribbean summit, which is being held in Brussels on 11 June.
The EU is the first investor in Panama, representing over 35% of total foreign investment. The EU is also Panama's second trading partner after the US, with bilateral trade flows of over €3 billion per year. (Emmanuel Hagry)