Panama excluded from EU duty benefits
(Xinhua) -- Panama has been officially notified that it will be excluded from the duty benefits of the European Union (EU), Vice Commerce Minister Severo Souza said Friday.
Panama lost the benefits of the Generalized System of Preferences (GSP) because it did not present the renewal request before the Oct. 31 deadline set by the EU.
Souza made the announcement shortly after a meeting with representatives from the Panamanian Association of Exporters (Apex). The meeting was held to analyze the consequences of the duty benefits exclusion, which will affect about 7,200 sorts of farm and fishing products.
Beginning Jan. 1, Souza said, Panamanian exporters will not have the benefits and will have to pay duties to sell their products in the European market.
According to Panamanian exporters, exclusion of the duty benefits will directly impact the productive sector, which employs about 100,000 people.
