Panama's cabinet has approved the free trade agreement (FTA) between Panama and Guatemala signed on Feb. 26, Commerce and Industry Minister Alejandro Ferrer said Thursday.
The FTA must be approved by parliament, or the legislative assembly, before it comes into force.
Bilateral trade will grow more rapidly if the agreement takes effect, Ferrer said, quoted by local daily "La Estrella de Panama."
Trade volume between Panama and Guatemala reached 120 million U.S. dollars in 2007, representing a 15 percent increase over 2006.
According to the agreement, 98 percent of Panama's exports to Guatemala will be tax free after it takes effect.
Panama's exports to Guatemala include medicines, matches, bags, plastic cartridges, glass bottles, sauces, among others.
Source: Xinhua
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