Taiwan and Panama concluded a second round of talks aimed at signing a free-trade agreement (FTA) yesterday, reaching consensus on most parts of a draft agreement, according to an official of the Ministry of Economic Affairs.
Panama will probably become the first nation to sign an FTA with Taiwan by the end of the year, after both sides reach a full consensus on the draft accord -- which would serve as a basic FTA framework -- said Vice Minister of Economic Affairs Steve Chen (陳瑞隆).
"After intense negotiations over the past few days, we have been able to conclude 21 of of the draft agreement's 22 chapters," Chen said.
Taiwan and Panama have so far forged agreements on issues or "chapters" like market access, investment, technical trade barriers, inspection standards, quarantine, dispute resolution and intellectual property rights, Chen said.
The major remaining hurdles are how to define the origin of manufacturing and issues regarding the telecommunication services, he added.
Both sides are supposed to present a timetable for extending tariff reductions to further open manufacturing as well as the service and agricultural industries -- before Feb. 26., said Deputy Minister for International Trade Meliton Arrocha of Panama. After that, they are expected to discuss the remaining part of the draft agreement during the next round of talks slated to be held on March 17 in Panama City, he said.
"We expect to be very close at the next meeting in Panama to conclude the negotiations of the [draft] text," Arrocha said.
Arrocha, who led a 13-member Panamanian delegation for the five-day talks in Taipei, however said that talks on matters of commercial or economic interest should not be rushed.
"This [trade negotiation] is not an easy task," Arrocha said. "Substance is more important than time-frame."
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