The European Commission has announced that Trade barriers between the European Union, Costa Rica and El Salvador will be removed on Oct. 1, when the trade pillar of the EU-Central America Association Agreement enters into application for these countries. The EU and Honduras, Nicaragua, and Panama have been applying the Agreement since August 1.
The association agreement between the EU and Central America contains three pillars — political dialogue, development cooperation and trade — that aim to support economic growth, democracy and political stability in Central America.
The Agreement also sets out rules for public procurement, the protection of intellectual property, and the removal of technical barriers to trade. It introduces a system of consultation at a number of levels, to allow for an open dialogue on specific trade concerns, and contains a bilateral dispute settlement mechanism.
As EU Trade Commissioner Karel De Gucht said “The agreement will be a major stimulus for the economic integration of Central America. Now it’s up to companies on both sides to take full advantage of the many opportunities the deal offers.”
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