THE WORLD Trade Organization (WTO) has confirmed an earlier ruling in favor of Panama in a dispute with Colombia over the application of a joint tariff that was intended to combat money laundering,but immediately affected Panama’s Free Trade Zone activities.
The ruling came on Tuesday June 7 over a tariff on imports of textiles, clothing and footwear that was adopted by Colombia in March 2013. The tarriff caused repercussions in the Colon Free Zone.
The WHO upheld its November 2015 decision in favor of Panama, which found that tariffs applied by Colombia were higher than permitted and that, despite its intention to combat money laundering, it was not necessary to do so.
The tariff charged by Colombia was 10 percent plus a surcharge.
Colombia’s, Minister of Commerce and Industry Augusto Arosemena said that Colombia should “follow this new ruling in favor of the claims of Panama.”
Colombian Trade Minister María Claudia Lacouture reacted yesterday and said in a statement that it will discuss the decision “with the aim of implementing changes as appropriate.”