A 12-strong Israeli delegation headed by Ministry of Economy officials and comprised of professional staff from relevant government ministries were in Panama City last week to participate in a second round of negotiations for a free trade agreement between Israel and the Republic of Panama.
In the first round, in addition to approval of the Negotiating Framework, half of the subjects of the agreement were discussed: National Treatment and Market Access, Rules of Origin, Phytosanitary and Animal Health Measures, Trade Remedies, some institutional aspects, services and investment, leaving some tasks pending such as reactions to the proposed texts.
Subjects under discussion last week included access to markets, customs, services and investments, intellectual property, trade obstacles, institutional issues and conflict resolution.
Two more rounds of talks are expected before the negotiations are completed.
Yifat-Alon Perel, director of the Department of Bilateral Trade Agreements in Foreign Trade Administration on the Israeli side said: "today, about 65% of Israel's exports are directed to countries with which Israel has a free trade agreements, therefore closer economic relations with Panama will be twofold: From the point of view of opening new markets for Israeli industry, as well as in light of the need to strengthen the position of Israel in Latin America. The new trade agreement, which would expand the economic and trade cooperation treaty signed by both countries in 2010, could strengthen Panamanian purchases in the business, innovation and technology sectors."
