Trade

Less bureaucracy in Customs

Less bureaucracy in Customs

The World Trade Organization achieved its first agreement in 22 years on measures to remove barriers to trade by simplifying Customs procedures.

The agreement that was reached in Bali could mean an increase of 1 trillion dollars in global trade.

In Part II of the draft ministerial declaration of Bali, related to Trade Facilitation, it specifies what Customs procedures need to be adopted by signatory countries.

Commenting on this agreement, the US Chamber of Commerce […]

Colón Free Zone attentive to the Venezuelan crisis

The current conflict facing Venezuela worries the Colon Free Zone (CFZ), as this may delay the collection of debts that are still pending.

Walter Brunetti, a financial analyst, said: “The recent events in the country and the complicit silence of many trading partners, creates the fear, not only of fracturing existing businesses and those in the future, but also conveys the feeling of fear for natural uncollectibles that are already pending.

Margarita warns of crisis from break with Panama

Los almacenes tienen problemas en para comprar mercancía

Not only are Colon Free Zone businessmen hurting from unpaid debts and loss of market in Venezuela, but Isla Margarita traders made an “emergency declaration” over the prolonged lack of foreign exchange for the free port and the devastating effect that breaking Venezuela’s diplomatic and commercial relations with Panama will have on the economy.

Teodoro Bellorín, president of the Isla Margarita Chamber of Commerce, warned that “the suspension of political and trade relations with the […]