PANAMA CITY, June 4 (Xinhua) -- The Panamanian government on Tuesday highlighted the importance of achieving a free trade agreement (FTA) with Colombia, as it represents an important step to join the Pacific Alliance.
Ricardo Quijano, Panama's minister of trade and industries, said it will be a great progress in the commercial scope to join the bloc after a conclusion of FTA negotiations with Colombia.
Officially launched in June 2012, the Pacific Alliance is a Latin American mechanism for economic and free trade integration grouping Chile, Colombia, Mexico and Peru.
The bloc aims to promote trade and investment between the four Latin American nations and Asia-Pacific countries.
Last week, the seventh round of FTA negotiations between Panama and Colombia was held in Panama City. All the issues were discussed during the talks, Panama's Ministry of Trade and Industries said in a statement.
The two countries finished negotiations on technical cooperation and mutual administrative assistance in customs and agreed on several measures to regulate the flow of goods from third countries between the two sides.
Also, Colombia has agreed to make concessions on tariff tax for products like beef, processed poultry, alcohol and juices.
In return, Colombia will get the same favorable treatment in agriculture products such as flowers, vegetables, candies, milk caramel and cookies.
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