Welcome to the Panama Weekly News Roundup! Here’s the latest.
Expanded Panama Canal could bring more jobs to U.S.’s struggling Midwest.
The Panama Canal Expansion is nearing completion, and Panama is excited for the economic prospects. But Panamanians aren’t the only ones looking for an economic boost out of the expansion. Though you may not have thought about it before, the Midwestern United States may actually benefit hugely from the project. Here’s why.
Ships with a capacity of up to 4,000 containers can currently move through the Panama Canal, but starting in 2016, when the new locks become operative, the waterway will be able to accommodate ships with a capacity of up to 14,000 containers.
Liquefied natural gas, coal and grains are expected to be the leading export products from Ohio transiting through the expanded Panama Canal, with steel products for the automotive industry and a variety of other manufactured goods being the top imports, trade experts with the Panama Canal Authority told Gannett Ohio.
Source: Fox News Latino
Panama and Costa Rica agree to strengthen border security.
Panama and Costa Rica share a lot more than just a border. They are strategic economic partners, and leaders in Central America as far as trade, ecological resources, and economies. Earlier this month, the two countries pledged to cooperate more on strengthening border security, in an effort to make both countries safer, and help stem drug traffic through the rural area the two countries share.
Panamanian and Costa Rican authorities met on Feb. 11 and 12 in the western Panamanian city of Bocas del Toro and agreed to step up coordination and create a joint task force “for more efficient crime fighting,” according to Panama’s Security Minister Rodolfo Aguilera. Aguilera presided over the talks with his recently appointed Costa Rican counterpart, Gustavo Mata.
Aguilera also said the two countries agreed to training, joint border surveillance and to exchange information and security technology.
Source: The Tico Times
Construction of fourth bridge over the Panama Canal will start soon.
Panama has announced that it will open up the bidding process to create a fourth bridge to cross the canal. The bids will be considered and selected in the next six months for the team that will build a bridge in the Burunga, Arraiján district. Lane expansion will also commence on the Bridge of the Americas in the same time period.
According to information published by the official website of the Presidency, for the project bidding, four financial alternatives that have been submitted by the Ministry of Finance to cover the costs of the work will be studied. Similarly, Varela announced that in two months will take the portal shopping, bidding for expansion to eight lanes of the road that goes from the Bridge of the Americas to the district of Arraiján.
“These two projects aim to improve the quality of life for residents of the West sector. No longer have to spend hours in traffic. Once the tracks are extended and the Metro is built, families can spend more time together and this is quality of life,” said the President.
Source: GoGetIt Panama
Mexico Seeks Ratification Of Panama FTA
Mexico and Panama are looking to improve their already good trade relationship by ratifying their Free Trade Agreement. Earlier this month, Mexican officials met to discuss potential terms that would make the pact more beneficial for their economy. They also stressed the mutual importance for Panama, as both countries would only seem to benefit with enhanced trade, and even further reduced tariffs.
Senator Mariana Gómez del Campo said that the FTA represents an opportunity for Mexico to diversify its exports to Panama. She also noted that the two countries’ economies complement one another, as Panama’s is based on services while Mexico’s is more focused on manufacturing. At the same event, the Undersecretary of Foreign Trade at the Ministry of Economy, Francisco de Rosenzweig, pointed out that Mexico’s exports of manufactured goods to Panama have tripled in the last 10 years.
The Mexico-Panama FTA was signed on April 3, 2014. It is expected that the FTA will pave the way for Panama to become a full member of the Pacific Alliance (PA) trade bloc, comprising Chile, Peru, Colombia, and Mexico.
Source: Tax-News
