Commercial relations of Panama with the United Kingdom will continue normally, after the brexit

Posted on 2020-02-05

The Minister of Commerce and Industries (Mici), Ramón Martínez, said that Panama's commercial relations with the United Kingdom will continue in a normal way, after leaving the European Union (EU).

"Even when I left the European Union, operations between Panama and the United Kingdom will continue normally, both for our producers and for investors coming from that country," Martinez said.

Along the same lines, the ambassador of the United Kingdom in Panama, Damion Andrew Potter considered that "with the departure of Brexit, our ties with Panama should not change at all, on the contrary we see that they grow all the time."

The head of the Mici recalled that prior to Brexit, in June 2019, the isthmus signed a multilateral trade agreement establishing a partnership between the United Kingdom of Great Britain, Northern Ireland and Central America.

Potter said that after giving the alliance, Panamanians can now do tourism or investments in England without the use of a visa. He also said that "they will continue to promote Panama to companies and the British government to create more investment."

Business opportunities For his part, the Minister Minister of Private Investment Facilitation, José Alejandro Rojas, said that with Brexit the United Kingdom will be looking for an intercommunication to interact with other places.

According to the senior official, this action could be key to the connectivity that exists in Panama. "This would be a great opportunity, because that way the country can aim in that condition or situation to be able to generate a greater amount of business with multinational companies and that would bring the fintech, ”said Rojas.

On the last point, the Minister Counselor said that as the United Kingdom is the capital of that system in the world, Panama could change the conditions and regulations of the Superintendency of Banks of Panama to offer that service to all of Latin America.

"In November 2019, we had a meeting with the regent of the entire fintech business and services system. During that meeting we discussed the idea of ??how Panama can advance knowledge and experience in this area, but also with British companies , to make from our country a fintech service for Latin America can be offered, "said Rojas.

Source: La Estrella de Panama.