This was announced yesterday by Panama's Deputy Minister of Foreign Trade, Carlos Hoyo, emphasizing that this measure will maximize the benefits of the agreement and translate them into concrete opportunities for both countries.

In the coming months, Panama and Peru will take a key step in consolidating their trade relationship with the establishment of the Administrative Commission for the Free Trade Agreement (FTA) between the two nations.

This was announced yesterday by Panama's Deputy Minister of Foreign Trade, Carlos Hoyo, emphasizing that this measure will maximize the benefits of the agreement and translate them into concrete opportunities for both countries.

As part of the progress made in the trade relationship, the Sanitary Measures Committee met last January, facilitating the approval of Peruvian processing plants for export to the Panamanian market. However, some issues remain pending review within the framework of the treaty.

Panama and Peru currently maintain 32 bilateral agreements in diverse areas such as agriculture, science, culture, tourism, trade, and security. Furthermore, their diplomatic relations have remained strong for 121 years, reflecting long-standing cooperation and friendship.

Hoyo expressed confidence that the FTA Administrative Commission will be a key mechanism for decision-making that promotes bilateral trade.

According to projections, trade between the two countries, which currently stands at US$663 million, could reach US$1 billion annually in the short term.

For his part, the Peruvian ambassador to Panama, Mario López Chávarri, emphasized that the FTA Administrative Commission will be a key instrument for strengthening the agreement and generating new business opportunities between the two nations.