Doing Business in Panama (Canal)

The purposes of the subject “Foreign Trade and Business in the Republic of Panama” are the following:

1. To analyze the Panamanian Economy and Global Trade;
2. To know the business opportunities in the Republic of Panama;
3. To explore the Panamanian trade relations with the country of the student;
4. To know the Panamanian Trade Agreements;
5. To understand the role of the Panama Canal and the Colon Free Zone;
6. To develop a business plan for the Panamanian Market.

The Subject “Foreign Trade and Business in Panama” belongs to the following Online Programs taught by EENI Global Business School:

Masters: International Business, Foreign Trade.

Doctorate: American Business, World Trade.

Languages: or Panamá Panama Panamá.

1. Credits of the subject “Foreign Trade and Business in Panama”: 1 ;
2. Duration: one week.

1. Panama and the Latin American Economic Area;
2. Central American Integration System (SICA)
   1. Central American Common Market - Integrated with the SICA -.
3. Association of Caribbean States (ACS);
4. SELA;
5. Mesoamerica Project;
6. Panama has Free Trade Agreements with the European Union, Andean Community, and the European Free Trade Association (EFTA);
7. Panama-Costa Rica Free Trade Agreement;
8. Singapore-Panama Free Trade Agreement;
9. U.S.-Panama Free Trade Agreement;
10. Canada-Panama Free Trade Agreement;
11. Panama-Taiwan Free Trade Agreement;
12. Panama-Chile Free Trade Agreement;
13. Central America (Costa Rica, El Salvador, Honduras, Nicaragua)-Panama Free Trade Agreement;
14. Panama-Dominican Republic Partial Scope Agreement;
15. Mexico-Panama Free Trade Agreement;
16. South Korea-Central America (Costa Rica, El Salvador, Honduras, Nicaragua, Panama) Free Trade Agreement;
17. Panama-Guatemala Free Trade Agreement;
18. Panama-Honduras Free Trade Agreement;
19. Panama-Nicaragua Free Trade Agreement;
20. Panama-El Salvador Free Trade Agreement;
21. UK-Central America Free Trade and Economic Integration Agreement;
ALADI (observer country);
22. UNASUR (observer country).

1. WTO
   1. Agreement on Trade in Services (GATS);
   2. Agreement on the Application of Sanitary Measures;
   3. Agreement on Technical Barriers to Trade;
   4. Agreement on Preshipment Inspection;
   5. Agreement on Safeguards;
   6. Trade Facilitation Agreement.
2. WCO
   1. Revised Kyoto Convention.
3. Hamburg Rules (Sea);
4. International Bureau of Containers and Intermodal Transport (BIC);
5. Chicago Convention (ICAO);
6. International Maritime Organization (IMO)
   1. Istanbul Convention - not a member.
7. Customs Convention on Containers - not a member.

American Trade and Economic Organizations:

1. Inter-American Development Bank;
2. OAS;
3. ECLAC;
4. East Asia-Latin America Cooperation;
5. CELAC
   1. EU-CELAC Summit.

Global Economic Organizations:

1. UN
   1. UNCTAD;
   2. ITC;
   3. WIPO.
2. WB;
3. IMF.

The Republic of Panama (America):

1. Capital of Panama: Panama City;
2. Panamanian Population: 4 million people;
3. Panamanian Area: 75,517 km²;
4. Borders of Panama: Costa Rica and Colombia;
5. Panamanian official language: Spanish;
6. Panama became independent from Spain in 1821;
7. Abolition of Slavery in Panama: 1824;
8. African Diaspora in Panama: 0.4 million people (14% of the Panamanian population).

Main religion in Panama: Christianity - Catholicism (3 million) and Protestants.

Panama belongs to the Western Civilization - Latin American Economic Area.

Panamanian Economy.

1. The main pillars of the Panamanian economy are the Panama Canal, banking, and financial services and Colon Free Trade Zone (the largest duty-free zone in the Americas);
2. The Balboa and U.S. Dollar (USD) are the official currencies of Panama;
3. Panama has no central Bank; it does not have a devaluation risk, having total freedom to transfer capitals;
4. The International Banking centre of Panama, with more than seventy international banks, is governed by the Basel Convention principles;
5. The City of Knowledge is an international complex for education, R & D, organized to promote and facilitate the synergy between universities, scientific research centers, and international Organizations;
6. In the Republic of Panama, they were installed five submarine fiber optic cables communicating North America and South America and the Caribbean with the world, making it the ideal location for telecommunications companies and data centers. Leading companies (MCI, Cable & Wireless and Movistar) have been implemented in Panama;
7. The Republic of Panama has been selected by largest multinational companies such as Samsung Electronics, Inc., DHL, DELL (Call centre), Hutchinson Port Holding Group, HSBC, BICSA, Scotiabank, Assicurazioni Generali, or American Life Insurance Company as headquarters for their regional operations;
8. The main international Organizations such as UNICEF, United Nations Development Programme, Organization of American States, Spanish International Cooperation Agency (AECI) and Bladex, among others, have chosen Panama to establish their regional headquarters.

International Trade of Panama.

1. The Colon Free Zone is the second largest duty-free Trade Zone in the World (2,500 enterprises, 27,347 employments, 16,160 million dollars in imports and re-exports (international trade);
2. Panamanian exports: 821 million dollars;
3. The main Panamanian export products are salmon, tuna, beef, watermelon, shrimp, and pineapples;
4. Top export partners of Panama (as% of total export value) are the United States 42% and Taiwan 5.3%, Costa Rica 7.3%, Sweden 5.4%, the Netherlands 6.5%, and Spain 6.2%;
5. Top import partners of Panama: the United States 29%, Costa Rica 5.2%, Mexico 4.5%, China 4.2%, and Japan 3.6%.

Panama Canal.

1. The Republic of Panama has a privileged geostrategic position that makes it one of the largest logistics centers in the World; with the Panama Canal as a major axis, the Panama Canal over 190 million metric tones of cargo (container, Bulk) are transported, serving more than 120 Maritime routes to eighty countries;
2. 80 kilometers between the Pacific and Atlantic Oceans, 8 to 10 hours to transit;
3. 14,000 ships pass through the Panama Canal every year;
4. International transportation activities through the Panama Canal representing 5% of global International Trade;
5. Foreign trade increase, especially between Asia and the U.S., continues to have a significant impact on demand for services;
6. The Panama Canal seeks to increase both the number of Panamax transits and the UMS tonnage (Tonnage System Channel);
7. The Expansion project of the Panama Canal (1 billion dollars) offers significant business opportunities for companies around the world.

(c) EENI Global Business School (1995-2023)
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