The Free Trade Area Agreement between Israel and Panama is in effect

The Free Trade Area Agreement between the State of Israel and the Republic of Panama comes into effect this weekend in early 2020. The agreement was signed by Minister of Economy and Industry, Mr. Eli Cohen and by Panamanian Minister of Commerce and Industry, Mr. Augusto Erosmana Moreno on May 17, 2018 in Israel. This is the first bilateral trade agreement to enter into force, which includes trade in services and investments.
The entry into force of the agreement will give each party preferential access to the export of products to the other party's market and lead to the elimination of barriers to mutual trade. The agreement establishes rules to allow a comfortable environment for trade and investment between the two parties, to promote economic development and to increase economic cooperation. The agreement allows exporters to benefit from exports to Panama in the form of a customs duty or reduced customs duty and at the same time, allows importers to import products from Panama with a customs benefit as well, thus helping to lower the cost of living.
Minister of Economy and Industry, Eli Cohen: "The Ministry of Economy and Industry, through the Foreign Trade Administration, continues to strengthen Israel's economic ties with the countries of the world, with emphasis on developing economies with great potential for growth. And the industry that is working to open up new opportunities to Israeli industry, while providing a competitive advantage to Israeli manufacturers. " Ohad Cohen, Director of Foreign Trade: "We are in a positive trend of deepening the links between business and government communities. It is also expected to help Israeli exporters penetrate additional markets