Colón Free Trade Zone

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Aerial view of the Colón Free Trade Zone

The Colón Free Trade Zone is a large entity near the Atlantic entrance to the Panama Canal, located in Panama dedicated to re-exporting a wide variety of merchandise to Latin America and the Caribbean. It is a free port.

Location and size[edit]

The Colón Free Trade Zone is the largest free port in the Americas, and second largest in the world.[1] It started operations in 1948 and occupies about 2.4 km2 (600 acres). It is divided in two large areas: one located in Colón, segregated from the city by a wall, and the other relatively new, in the harbor area, which is designated for warehouses, covering 0.53 km2 (130 acres) and 370 m (400 yards) from Colón's commercial sector.

Issues[edit]

Exports from the free trade zone into neighboring countries are still subject to local rules, regulations, and payment requirements of the importing country.[citation needed] Venezuela, one of the larger buyers from the zone, has had difficulty meeting its obligations to exporters from the zone resulting in unpaid debts.[2] Colombia implemented a series of tariffs which had the effect of reducing imports, primarily from Asia.[3]

References[edit]

  1. ^ https://www.export.gov/article?id=Panama-foreign-trade-zones
  2. ^ El Nacional Personal (2015-03-20). "Panamá espera pago del gobierno venezolano" [Panama waits for payment from the Venezuelan government]. El Nacional (in Spanish). Caracas, Venezuela. Retrieved 30 April 2016.
  3. ^ Patricia Rey Mallén (2013-11-05). "Venezuela's Debt And Colombia's Tariffs Are Hurting Panama". International Business Times. Retrieved 30 April 2016.

Further reading[edit]

  • Mellander, Gustavo A.; Nelly Maldonado Mellander (1999). Charles Edward Magoon: The Panama Years. Río Piedras, Puerto Rico: Editorial Plaza Mayor. ISBN 1563281554. OCLC 42970390.
  • Mellander, Gustavo A. (1971). The United States in Panamanian Politics: The Intriguing Formative Years. Danville, IL: Interstate Publishers. OCLC 138568.

See also[edit]

External links[edit]