PANAMA will come under the microscope of the World Trade Organization (WTO) in Geneva in the coming week as it undergoes a review. It is the second time the country has been called before the organization.
It highlights the concerns expressed at a recent STEP (Society of Trust and Estate Planners) Caribbean conference. Smaller countries like Panama are made to follow rules, which often change before they have had time to implement them, and are forced to jump throughhoops held by the big players.
htttp://newsroompanama.com/business/world/panama-rated-small-fry-in-money-laundering-stakesMinister of Commerce and Industry Melitón Arrocha and Deputy Minister of International Trade Diana Salazar will participate in the review,
"We have received more than 25 questions on the part of the countries comprising the WTO, and we will be addressing each one," the minister said.
He pointed out that the review will focus on competition policy and the general agreement on tariffs and trade.
It is not expected to address Panama's pending complaint against Colombia regarding tariffs on footwear and textiles that was filed on behalf of merchants within the Colón Free Zone. Instead will focus Panama’s compliance with competition regulations.