Panama Trade

Subchapters:

  • Business Relationships
  • FTAs ​​and Treaties
  • Development Cooperation
  • Prospective fields of study (MOP)

Business relations

Trade relations with the EU

The EU is one of Panama’s key trading partners. The EU-Central America Association Agreement, which in the case of Panama entered into force provisionally in 2013, was a major impetus in the growth of mutual trade relations. The EU exports mainly machinery, means of transport and products of the chemical industry to Panama. Machinery and means of transport and agricultural exports also flow in the opposite direction.

Trade exchange with the EU (million EUR)

2018 2019 2020 2021 2022
Exports from the EU (million EUR) 2,406.6 2,677.9 1,877.0 ON ON
Imports into the EU (million EUR) 692.1 805.9 801.8 ON ON
Balance with the EU (million EUR) -1,714.5 -1,871.9 -1,075.2 ON ON

Source: European Commission

Trade relations with the Czech Republic

In 2020, mutual trade between the Czech Republic and Panama reached CZK 500 million. Of this, Czech exports amounted to CZK 0.2 billion and imports to CZK 0.3 billion. As regards the commodity structure of the Czech Republic’s exports, Czech exports were dominated by toys, sporting goods and board games, and reactors, boilers, mechanical devices and tools. On the contrary, agricultural items clearly dominated Panamanian imports to the Czech Republic in the past period. More than 85% of exports were bananas and other tropical fruits.

Trade exchange with the Czech Republic (billion CZK)

2018 2019 2020 2021 2022
Exports from the Czech Republic (billion CZK) 0.1 0.2 0.2 ON ON
Imports to the Czech Republic (billion CZK) 0.3 0.3 0.3 ON ON
Balance with the Czech Republic (billion CZK) 0.1 0.2 0.1 ON ON

Source: businesscarriers.com

FTAs and treaties

Treaties with the EU

Panama is a party to the EU-Central America Association Agreement. The commercial part of the agreement aims to create a free trade zone between the EU and Central America, including the creation of suitable conditions for investment and capital growth. The trade provisions of the association agreement began to apply provisionally for Panama on August 1, 2013. They include the reduction of tariffs, non-tariff barriers to trade, liberalization of the services market, protection of geographical indications (GIs), opening of the public procurement market, TBTs (technical barriers to trade) and SPS (sanitary and phytosanitary measures). Both parties are committed to fulfilling obligations arising from WTO agreements and in some areas to go beyond these agreements.

Contracts with the Czech Republic

Agreement on cultural cooperation between the Czechoslovak Republic and the Republic of Panama (1977)

Basic agreement on scientific and technical cooperation between the Czechoslovak Republic and the Republic of Panama (1979)

Agreement on the Promotion and Reciprocal Protection of Investments (2000)

Agreement on the abolition of the visa requirement for holders of diplomatic and service passports between the Czech Republic and Panama (2000)

Visa Waiver Agreement (2004)

Double Taxation Agreement (2012)

Developmental cooperation

Panama is not included among the priority countries of Czech foreign development cooperation. Therefore, in recent years, development cooperation with this country has been limited to small local projects and the provision of scholarships to study at Czech universities. In 2017, the Representative Office of the Czech Republic, based in Colombia, implemented a small local project in Panama aimed at helping children in one of the poorest areas of Panama (the Cañazas and Ñurum areas in the province of Veraguas).

Panama belongs to the category of upper middle income countries and 2020 was the last year of the transitional programming period (2014-2020) of bilateral development cooperation. Panama currently receives support from, among others, the EU development programs Panama Coopera 2030, EURO Clima, EURO Social, the European Fund for Sustainable Development (EFSD), etc. For the next period, the EU Delegation in Panama presented two bilateral development initiatives: the first concerns sustainable water management and has to be financed by the Latin American Investment Facility (LAIF), the other focuses on digital transformation and the project should be supported by the European Fund for Sustainable Development.

Prospective fields of study (MOP)

Thanks to its specific position as a logistics “hub” of Latin America, Panama has long been attractive to Czech companies from a number of sectors. Companies from the recycling industry, healthcare, production machinery, construction and design are active here.

 

Practical telephone numbers (emergency services, police, firemen, information lines, etc.)

Police: 104

Firefighters: 103

Civil protection: 335

*only 911 can be called in all cases listed.

Important web links and contacts

Presidencia de la República
https://www.presidencia.gob.pa/

Ministerio de Relaciones Exteriores

MIRE

Ministerio Asuntos del Canal
https://www.pancanal.com/eng/

Ministerio de Economia y Finanzas
https://www.mef.gob.pa/

Ministerio de Vivienda y Ordenamiento Territorial
https://www.miviot.gob.pa/

Ministerio de Ambiente
https://www.miambiente.gob.pa/

Contraloría General de la República
https://www.contraloria.gob.pa/

Asamblea Nacional
https://www.asamblea.gob.pa/

Ciudad del Saber
https://ciudaddelsaber.org/

ProPanama
https://www.propanama.org/en/

Autoridad Marítima de Panama

Autoridad Maritima de Panama

Chambers of commerce and economic institutions:

Cámara de Comercio, Industrias y Agricultura de Panamá

Cámara de Comercio, Industrias y Agricultura de Panamá

Cámara Panama de la Construcción
https://www.capac.org/

EXPOCOMER fair

Inicio

Panama Compra (Public Procurement)
https://www.panamacompra.gob.pa/Inicio/

Press and TV:

La Prensa
https://www.prensa.com/

El Siglo
http://elsiglo.com.pa/

La Estrella de Panamá
https://www.laestrella.com.pa/

Panama Trade