WTO rules in favor of Panama

Share:Share on FacebookTweet about this on TwitterShare on Google+Email this to someone

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.”

 

Share:Share on FacebookTweet about this on TwitterShare on Google+Email this to someone