DOCSLIB.ORG

WT/TPR/S/301/Rev.1

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
WT/TPR/S/301/Rev.1 WT/TPR/S/301/Rev.1 14 October 2014 (14-5833) Page: 1/148 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT PANAMA Revision This report, prepared for the second Trade Policy Review of Panama, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from Panama on its trade policies and practices. Any technical questions arising from this report may be addressed to Ms Martha Lara (tel.: +41 22 739 60 33) or Ms Silvia Ávila (tel.: +41 22 739 50 64). Document WT/TPR/G/301/Rev.1 contains the policy statement submitted by Panama. Note: This report was drafted in Spanish. WT/TPR/S/301/Rev.1 • Panama - 2 - CONTENTS SUMMARY ........................................................................................................................ 7 Economic environment ...................................................................................................... 7 Trade and investment policy framework ............................................................................... 8 Trade policies by measure .................................................................................................. 8 Sectoral policies .............................................................................................................. 10 1 ECONOMIC ENVIRONMENT ........................................................................................ 12 1.1 Overview ................................................................................................................. 12 1.2 Recent economic trends ............................................................................................ 13 1.2.1 Growth and structure of the economy ....................................................................... 13 1.2.2 Fiscal policy .......................................................................................................... 15 1.2.3 Monetary policy ..................................................................................................... 18 1.2.4 Balance of payments .............................................................................................. 19 1.3 Trade performance ................................................................................................... 20 1.3.1 Trend of merchandise trade ..................................................................................... 20 1.3.1.1 Composition of merchandise trade ......................................................................... 21 1.3.1.2 Direction of merchandise trade .............................................................................. 24 1.3.2 Trade in services ................................................................................................... 24 1.4 Foreign direct investment .......................................................................................... 25 2 TRADE AND INVESTMENT REGIME ............................................................................ 27 2.1 General Framework .................................................................................................. 27 2.2 Trade policy objectives .............................................................................................. 27 2.3 Trade agreements and arrangements .......................................................................... 28 2.3.1 World Trade Organization ........................................................................................ 28 2.3.2 Preferential trade agreements.................................................................................. 29 2.3.2.1 Regional integration agreements ........................................................................... 30 2.3.2.1.1 Latin American Integration Association (LAIA) ...................................................... 30 2.3.2.1.2 Central American Economic Integration Subsystem (SIECA) and Free Trade Agreement between Panama and Central America ................................................. 31 2.3.2.2 Other trade agreements ....................................................................................... 32 2.3.2.2.1 Association Agreement between the European Union and Central America ................ 33 2.3.2.2.2 Panama - Canada ............................................................................................. 33 2.3.2.2.3 Trade Promotion Agreement between Panama and the United States ....................... 34 2.3.2.2.4 Panama - Peru ................................................................................................. 34 2.3.2.2.5 Panama - Chile ................................................................................................ 34 2.3.2.3 Other trade agreements ....................................................................................... 35 2.3.2.4 Trade agreements currently being negotiated .......................................................... 35 2.3.3 Other agreements and arrangements ........................................................................ 35 2.4 Investment regime ................................................................................................... 35 2.4.1 General framework ................................................................................................ 35 WT/TPR/S/301/Rev.1 • Panama - 3 - 2.4.2 Establishing a business ........................................................................................... 38 3 TRADE POLICIES AND PRACTICES, BY MEASURE ....................................................... 40 3.1 Overview ................................................................................................................. 40 3.2 Measures directly affecting imports ............................................................................. 42 3.2.1 Customs procedures ............................................................................................... 42 3.2.2 Customs valuation ................................................................................................. 45 3.2.3 Rules of origin ....................................................................................................... 46 3.2.4 Tariffs .................................................................................................................. 48 3.2.4.1 Structure and levels ............................................................................................ 48 3.2.4.2 Tariff bindings .................................................................................................... 51 3.2.4.3 Tariff concessions ................................................................................................ 51 3.2.4.4 Preferential tariffs ............................................................................................... 52 3.2.5 Other import charges and taxes affecting imports ....................................................... 53 3.2.6 Import prohibitions, restrictions and licensing ............................................................ 54 3.2.7 Contingency measures ........................................................................................... 56 3.2.7.1 Anti-dumping and countervailing measures ............................................................. 57 3.2.7.2 Safeguard measures ............................................................................................ 59 3.2.8 Standards and technical regulations ......................................................................... 60 3.2.9 Sanitary and phytosanitary measures ....................................................................... 62 3.3 Measures directly affecting exports ............................................................................. 66 3.3.1 Export procedures and requirements ........................................................................ 66 3.3.2 Export taxes, charges and levies .............................................................................. 67 3.3.3 Export prohibitions, restrictions and licensing ............................................................. 67 3.3.4 Export incentives ................................................................................................... 68 3.3.4.1 Drawback, duty-free replacement of goods and temporary admission regimes ............. 69 3.3.4.2 Free zones covered by Law No. 32 of 2011 ............................................................. 69 3.3.4.3 Colón Free Zone ................................................................................................. 71 3.3.4.4 Other free zones ................................................................................................. 72 3.3.4.5 Other export incentive programmes ....................................................................... 73 3.3.4.5.1 CAT and CeFA .................................................................................................. 73 3.3.4.5.2 Payment certificates ......................................................................................... 74 3.3.5 Export financing, insurance and guarantees ............................................................... 74 3.3.6 Export promotion ................................................................................................... 74 3.4 Measures affecting production and trade .....................................................................
Load more

Recommended publications
  • Investment in Panama 2019
    Investment in Panama 2019 KPMG in Panama Investment in Panama | 1 © 2019 by KPMG © 2012 by KPMG © 2009 by KPMG © 2006 by KPMG © 2000 by KPMG © 1996 by KPMG © 1992 by KPMG Peat Marwick © 1984 by Peat Marwick Mitchell & Co. All rights reserved KPMG, a Panamanian civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Images of the Panama-Pacific Special Economic Area are courtesy of London and Regional Panama. Investment in Panama | 2 Contents Chapter 1 ...................................................................................................................................................... 9 Panama at a Glance .................................................................................................................................... 9 Geography and Climate ............................................................................................................................ 9 History ....................................................................................................................................................... 9 Government ............................................................................................................................................ 10 Population, Languages and Religion ...................................................................................................... 10 General State Budget .............................................................................................................................
    [Show full text]
  • List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
    NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution.
    [Show full text]
  • Panama-Pandemic-Response-And
    The World Bank Panama Pandemic Response and Growth Recovery Development Policy Loan (P174107) Document of The World Bank Public Disclosure Authorized FOR OFFICIAL USE ONLY Report No: PGD207 INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PROGRAM DOCUMENT FOR A PROPOSED LOAN Public Disclosure Authorized IN THE AMOUNT OF US$300 MILLION TO REPUBLIC OF PANAMA FOR THE PANAMA PANDEMIC RESPONSE AND GROWTH RECOVERY DEVELOPMENT POLICY LOAN Public Disclosure Authorized November 13, 2020 Macroeconomics, Trade and Investment and Education Global Practices Latin America and Caribbean Region Public Disclosure Authorized This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. Official Use The World Bank Panama Pandemic Response and Growth Recovery Development Policy Loan (P174107) Republic of Panama GOVERNMENT FISCAL YEAR January 1 – December 31 CURRENCY EQUIVALENTS (Exchange Rate Effective as of October 30, 2020) PAB 1.00 = US$1.00 ABBREVIATIONS AND ACRONYMS AIG Governmental Innovation Agency IPSAS International Public Sector Accountability (Agencia de Innovación Standards Gubernamental) AG Guardian Angel (Ángel Guardián) ISTMO Integrated Financial Management System (Integración y Soluciones Tecnológicas del Modelo de Gestión Operativa) AML/CFT Anti-Money Laundering and LAC Latin America and Caribbean Combating the Financing of Terrorism ASA Advisory Services and Analytics LAYS Learning-Adjusted Years
    [Show full text]
  • Panama Country Report BTI 2012
    BTI 2012 | Panama Country Report Status Index 1-10 7.39 # 22 of 128 Political Transformation 1-10 7.70 # 25 of 128 Economic Transformation 1-10 7.07 # 29 of 128 Management Index 1-10 5.65 # 43 of 128 scale: 1 (lowest) to 10 (highest) score rank trend This report is part of the Bertelsmann Stiftung’s Transformation Index (BTI) 2012. The BTI is a global assessment of transition processes in which the state of democracy and market economy as well as the quality of political management in 128 transformation and developing countries are evaluated. More on the BTI at http://www.bti-project.org Please cite as follows: Bertelsmann Stiftung, BTI 2012 — Panama Country Report. Gütersloh: Bertelsmann Stiftung, 2012. © 2012 Bertelsmann Stiftung, Gütersloh BTI 2012 | Panama 2 Key Indicators Population mn. 3.5 HDI 0.768 GDP p.c. $ 13609 Pop. growth1 % p.a. 1.6 HDI rank of 187 58 Gini Index 52.3 Life expectancy years 76 UN Education Index 0.743 Poverty3 % 17.9 Urban population % 74.8 Gender inequality2 0.492 Aid per capita $ 19.0 Sources: The World Bank, World Development Indicators 2011 | UNDP, Human Development Report 2011. Footnotes: (1) Average annual growth rate. (2) Gender Inequality Index (GII). (3) Percentage of population living on less than $2 a day. Executive Summary Since 2004, Panama has experienced a period of political stability and strong macroeconomic performance. The country’s growth rates in 2007 and 2008 were higher than in any other country in Latin America. The economic and financial crisis of 2008 caused only a temporary slowdown, and Panama was one of the very few countries in the region that did not suffer recession in 2009.
    [Show full text]
  • Panama for The
    Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No. 125955-PA INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PROGRAM DOCUMENT FOR A PROPOSED DEVELOPMENT POLICY FINANCING Public Disclosure Authorized IN THE AMOUNT OF US$ 100 MILLION TO THE REPUBLIC OF PANAMA FOR THE THIRD PROGRAMMATIC SHARED PROSPERITY DEVELOPMENT POLICY FINANCING June 14, 2018 Public Disclosure Authorized Macroeconomics and Fiscal Management Global Practice Central America Country Management Unit Latin America and the Caribbean Region This document has a restricted distribution and may be used by recipients only in the performance Public Disclosure Authorized of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. REPUBLIC OF PANAMA GOVERNMENT FISCAL YEAR January 1 – December 31 CURRENCY EQUIVALENTS (Exchange rate effective as of April 23, 2018) PAB 1.00 = US$1.00 WEIGHTS AND MEASURES Metric System ABBREVIATIONS AND ACRONYMS AEOI Automatic Exchange of Information AML Anti-Money Laundering BEPS Base Erosion and Profit Shifting BO Beneficial Ownership CAD Current Account Deficit CCT Conditional Cash Transfer Socio-Economic Database for Latin America and the Caribbean (El Centro de Estudios Distributivos, CEDLAS Laborales y Sociales) CFT Combating the Financing of Terrorism CGO Comptroller’s General Office (Contraloría General de la República) United Nations Framework Convention on Climate Change (Convención Marco de las Naciones Unidas sobre CMNUCC el Cambio Climático) CO2e Carbon
    [Show full text]
  • World Bank Document
    Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No 92892-PA INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PROGRAM DOCUMENT FOR A PROPOSED LOAN IN THE AMOUNT OF US$300 MILLION TO Public Disclosure Authorized THE REPUBLIC OF PANAMA FOR A FIRST PROGRAMMATIC SHARED PROSPERITY DEVELOPMENT POLICY LOAN March 5, 2015 Public Disclosure Authorized Macroeconomic and Fiscal Management Global Practice Central America Country Management Unit Latin America and the Caribbean Region Public Disclosure Authorized This document is being made publicly available prior to Board consideration. This does not imply a presumed outcome. This document may be updated following Board consideration and the updated document will be made publicly available in accordance with the Bank’s policy on Access to Information. PANAMA GOVERNMENT FISCAL YEAR January 1 – December 31 CURRENCY EQUIVALENTS (Exchange Rate Effective as of March 5, 2015) Currency Unit=Balboas (B/.) 1.00 B/=US$1.00 ABBREVIATIONS AND ACRONYMS ACP Panama Canal Authority (Autoridad del Canal de Panamá) ASEP National Authority of Public Services (Autoridad Nacional de Servicios Públicos) CPF Country Partnership Framework DICRE Dirección de Inversiones, Concesiones y Riesgos del Estado. DPL Development Policy Loan FDI Foreign Direct Investment GDP Gross Domestic Product GRS Grievance Redress Service IBRD International Bank for Reconstruction and Development IDB Inter-American Development Bank IDAAN National Water Supply and Sanitation Administration (Instituto de
    [Show full text]
  • Guidelines to the International Consolidated Banking Statistics
    Guidelines to the international consolidated banking statistics Monetary and Economic Department Public version Update June 2012 Bank for International Settlements Press & Communications CH 4002 Basel, Switzerland E-Mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 © Bank for International Settlements 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 92 9197 728 4 (online) Contents Introduction to the international banking statistics....................................................................1 Box 1: Upcoming improvements to the International Banking Statistics ................2 Historical background ...............................................................................................................3 Part I: Reporting requirements..................................................................................................4 A. General............................................................................................................................4 B. Reporting requirements common to both sets of consolidated banking statistics...........5 1. Reporting area .......................................................................................................5 Table I.1 .................................................................................................................5 Reporting countries providing consolidated banking data* ....................................5 2. Reporting institutions..............................................................................................5
    [Show full text]
  • 1. the Sectoral Structure of Panama's Economy
    Panama WT/TPR/S/186/Rev.1 Page 77 IV. TRADE POLICY BY SECTOR (1) OVERVIEW 1. The sectoral structure of Panama's economy shows marked duality: whereas productivity in the services sector is relatively high, in the agricultural and manufacturing sectors it is low. As a result, international services (the Canal, the Colon Free Zone, international banks, maritime transport and tourism) are competitive at the global level and constitute the main foundation of Panama's economy. Producing goods, on the other hand, has required the implementation of protection measures and assistance which, in most instances, have become a burden on taxpayers and consumers. 2. The agricultural and fisheries sectors' share of GDP is relatively modest (6.8 per cent), but they are a major source of jobs (19.6 per cent) and export of goods (43 per cent). Average tariff protection (10.8 per cent) in the agricultural sector (ISIC classification) is above the overall mean; tariffs on some dairy products, products of animal origin and sugar cane range from 144 to 260 per cent. Panama administered tariff quotas for all the products in its schedule of market access commitments and in most cases around 100 per cent of the quotas were utilized. Panama notified the WTO that it granted both domestic support and subsidies for investment and the export of agricultural products. 3. The manufacturing sector is relatively small and focuses on a few activities, mainly related to the processing of agricultural products. The sector was the beneficiary of the only special trade measure adopted by Panama, in the form of a safeguard (see chapter III(2)(vii)).
    [Show full text]
  • 05127-9781452761879.Pdf
    12001 International Monetary Fund February 2001 IMF Country Report No. 01/41 Panama: Recent Economic Developments This Recent Economic Developments paper on Panama was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on January 5, 2001. The views expressed in this document are those of the staff team and do not necessary reflect the views of the government of Panama or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information. To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to [email protected]. Copies of this report are available to the public from International Monetary Fund • Publication Services 700 19th Street, N.W. • Washington, D.C. 20431 Telephone: (202) 623 7430 * Telefax: (202) 623 7201 E-mail: [email protected] • Internet; http://www,imf,org Price: $15.00 a copy International Monetary Fund Washington, D.C. ©International Monetary Fund. Not for Redistribution INTERNATIONAL MONETARY FUND PANAMA Recent Economic Developments Prepared by G.A. Mackenzie (Head), G. Bindley-Taylor, M. Gapen, A. G6mez-Oliver; C. Paiva, M. Papaioannou (all WHO) and M. Moore (MAE) Approved by the Western Hemisphere Department January 5,2001 Contents Page Basic Data 4 Introduction 6 I. Review of Recent Economic Developments 6 A. Summary of Developments 6 B. Aggregate Supply and Demand, Employment and Prices 7 C.
    [Show full text]
  • NSIAD-91-168 Aid to Panama
    _--~--~-.-----.“------ ____--. _I --.__ - ._I ____ -_I._- _-.,-.... “I _..._.llll _..l.“l”l.l” .,_“_“_, .._“*,--_ .-.-.- -__“....--- April I!)91 AID “Iy) PANAMA Status of Emergency Assistance to Revitalize the Economy 1111 *i /‘* ,I _ .__,. _ .__.” .__ ._.________.__.__.._,~.~~.._.._I ___.._,.___ __ “_l_ ----- ,i United States General Accounting Office GAO Washington, D.C. 20548 National Security and International APfaira Division B-241864 , April 8,199l The Honorable Robert C. Byrd Chairman, Committee on Appropriations United States Senate The Honorable Claiborne Pell Chairman, Committee on Foreign Relations United States Senate The Honorable Jamie L. Whitten Chairman, Committee on Appropriations House of Representatives The Honorable Dante B. Fascell Chairman, Committee on Foreign Affairs House of Representatives On January 26, 1990, the President requested $600 million in emergency support for the government of Panama to reverse the effects of more than 2 years of U.S. economic sanctions and of the US. military action in December 1989. On May 26,1990, Congress provided $420 million in the Ikre Emergency Supplemental Appropriations Act (P.L. 101-302). The Agency for International Development (AID) allocated these funds to three program areas: economic recovery, private sector reactivation, and development projects. The legislation requires that we report by January 16, 1992, on the effectiveness of this assistance. As requested by your offices, this interim report provides information on the status of the programs and projects underway and being developed. Of the $420 million Congress appropriated to “jump start” the Panama- Results in Brief nian economy, $377.6 million had been obligated by AID as of February 28, 1991.
    [Show full text]
  • The World Bank
    Document of The World Bank Public Disclosure Authorized Report No: ICR0001734 IMPLEMENTATION COMPLETION AND RESULTS REPORT (IBRD 76850) ON A Public Disclosure Authorized LOAN IN THE AMOUNT OF US$80 MILLION TO THE REPUBLIC OF PANAMA FOR A PROTECTING THE POOR UNDER GLOBAL UNCERTAINTY DEVELOPMENT POLICY LOAN Public Disclosure Authorized October 30 , 2010 Poverty Reduction and Economic Management Central America Country Management Unit Latin American and the Caribbean Region Public Disclosure Authorized PANAMA - GOVERNMENT FISCAL YEAR January 1 – December 31 CURRENCY EQUIVALENTS (Exchange Rate Effective as of December 1, 2010) Currency Unit Balboa US$1.00 B./1.00 Weights and Measures: Metric System ABBREVIATIONS AND ACRONYMS AIN-C Atención Integral a la Niñez en la Comunidad BNP National Bank of Panama CAR Capital Adequacy Ratio CBI International Banking Center (Centro Bancario Internacional) CCT Conditional Cash Transfer CD Cambio Democratico CFZ Colon Free Zone CPI Consumer Price Index DPL Development Policy Loan EEC Estrategia de Extensión de Cobertura FDI Foreign Direct Investment FSSRA Financial Sector Supervision and Regulation Assessment FY Fiscal Year of the World Bank (July 1 – June 30th) GDP Gross Domestic Product GNI Gross National Income GOP Government of Panama IADB Inter-American Development Bank IBRD International Bank for Reconstruction and Development IMF International Monetary Fund LCR Latin America and Caribbean Region LSMS Living Standards Measurement Survey MEF Ministry of Economy and Finance MIDES Ministry of Social
    [Show full text]
  • Economic Policy
    Alicia Bárcena Executive Secretary Antonio Prado Deputy Executive Secretary Osvaldo Kacef Chief of the Economic Development Division Susana Malchik Officer-in-Charge Documents and Publications Division The Preliminary Overview of the Economies of Latin America and the Caribbean is an annual publication prepared by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). This 2009 edition was prepared under the supervision of Osvaldo Kacef, Chief of the Division; Jürgen Weller was responsible for its overall coordination. In the preparation of this edition, the Economic Development Division was assisted by the Statistics and Economic Projections Division, the ECLAC subregional headquarters in Mexico and Trinidad and Tobago and the Commission’s country offices in Bogota, Brasilia, Buenos Aires, Montevideo and Washington, D.C. The regional analyses were prepared by the following experts (in the order in which the subjects are presented): Osvaldo Kacef, who was assisted by Rafael López Monti (introduction), Juan Pablo Jiménez (fiscal policy), Rodrigo Cárcamo (exchange-rate policy), Omar Bello (monetary policy), Sandra Manuelito (economic activity and investment and domestic prices), Jürgen Weller (employment and wages), Luis Felipe Jiménez and Sarah Mueller (external sector). The tables were produced by Claudio Aravena, Andrea Podestá and Claudia Roethlisberger, together with Ricardo Zapata, Sergio Saldaña, Myriam Urzúa and Asha Kambon. The country notes are based on studies conducted by the
    [Show full text]