Panama Market Guide 2014

Table of Contents FOREWORD .............................................................................................................................................................

PARTIAL SCOPE TRADE AGREEMENT ....................................................................................................................

SECTION 1.0: MARKET OVERVIEW ...................................................................................................................... 1

1.1 Introduction ................................................................................................................................... 1

1.2 Population ...................................................................................................................................... 1

1.3 Demographics ................................................................................................................................ 1

1.4 Climate ............................................................................................................................................ 1

1.5 Language ........................................................................................................................................ 2

1.6 Hours of Business .......................................................................................................................... 2

1.7 Public Holidays ............................................................................................................................. 2

1.8 Travel & Transportation ............................................................................................................... 2

1.9 Time Zone ...................................................................................................................................... 3

1.10 Currency ......................................................................................................................................... 3

1.11 Communication ............................................................................................................................. 3

SECTION 2.0: ECONOMIC AND POLITICAL ENVIRONMENT ............................................................................... 4

2.1 Economic Performance ................................................................................................................. 4

2.2 Structure of Output ....................................................................................................................... 4

2.3 Economic Outlook ......................................................................................................................... 5

2.4 Business .......................................................................................................................................... 6

2.5 Labour Force .................................................................................................................................. 7

2.6 Political Stability and Structure ................................................................................................... 7

SECTION 3.0: TRADE ENVIRONMENT ................................................................................................................. 8

3.1 Import Statistics ............................................................................................................................. 8

3.2 Import Tariffs & Taxes.................................................................................................................. 9

3.3 Trade Barriers .............................................................................................................................. 10

3.4 Prohibited and Restricted Imports ........................................................................................... 11

3.5 Trade Agreements ....................................................................................................................... 11

SECTION 4.0: MARKET CHALLENGES ............................................................................................................... 11

4.1 Culture .......................................................................................................................................... 11

4.2 Price ............................................................................................................................................... 11

4.3 Competition ................................................................................................................................. 12

4.4 Taste Preference ........................................................................................................................... 12

4.5 Brand Loyalty .............................................................................................................................. 12

SECTION 5.0: TOP MARKET OPPORTUNITIES AND PROSPECTS ....................................................................... 13

SECTION 6.0: MARKET ENTRY STRATEGIES ...................................................................................................... 13

6.1 Using an Agent or Distributor................................................................................................... 13

6.2 Joint Ventures/Licensing ............................................................................................................ 13

SECTION 7.0: SELLING, MARKETING & PROMOTIONS ..................................................................................... 14

7.1 Selling Factors/Techniques ........................................................................................................ 14

7.2 Trade Promotion ......................................................................................................................... 15

7.3 Advertising .................................................................................................................................. 15

7.4 Electronic Commerce .................................................................................................................. 16

7.5 Distribution and Sales Channels ............................................................................................... 16

7.6 Pricing ........................................................................................................................................... 16

7.6 Shipping Information ................................................................................................................. 17

7.7 Due Diligence .............................................................................................................................. 17

SECTION 8.0: REGULATIONS AND STANDARDS ............................................................................................... 17

8.1 Sanitary Product Registration ................................................................................................... 17

8.2 Samples ......................................................................................................................................... 18

8.3 Packaging, Labelling and Marking Requirements ................................................................. 18

8.4 Customs Regulations .................................................................................................................. 18

SECTION 9.0: TRADE EVENTS AND FAIRS ......................................................................................................... 18

SECTION 10.0: FINANCING EXPORTS TO PANAMA .......................................................................................... 19

SECTION 11.0: USEFUL CONTACTS ................................................................................................................... 20

11.1 Trinidad and Tobago .................................................................................................................. 20

11.2 Panama ......................................................................................................................................... 21

Appendices ..............................................................................................................................................................

Appendix I – Price Controls implemented from 1st July, 2014 ..............................................................

Appendix II – Selective Consumption Tax (ICS).....................................................................................

Appendix III – Buyers & Distributors .......................................................................................................

Appendix IV – Public Translators .............................................................................................................

FOREWORD

This Market Guide is intended to give Trinidad & Tobago exporters relevant and valuable information for

successfully exporting their goods to Panama. The information contained therein is based on a compilation

of exporTT’s visits to the market, in-market consultant information, and desk research which is cited

accordingly. Feel free to contact us at 1.868.623.5507 to discuss your exporting needs.

**********

PARTIAL SCOPE TRADE AGREEMENT

BETWEEN

THE REPUBLIC OF TRINIDAD AND TOBAGO

AND

THE REPUBLIC OF PANAMA

The Republic of Trinidad and Tobago and the Republic of Panama commenced negotiations of a

Partial Scope Trade Agreement on January 25, 2011. After three rounds of negotiations, two in

Port of Spain and one in Panama City, the negotiations were successfully concluded on Friday

June 3, 2011.

The objectives of the Agreement are to:

(a) promote through the expansion of trade in goods and services the harmonious

development of the economic relations between the Parties;

(b) contribute to the removal of barriers to trade;

(c) enhance the development and expansion of trade;

(d) strengthen cooperation activities in all areas relevant to trade between the Parties;

(e) provide fair conditions of competition for trade between the Parties; and

(f) develop mechanisms that facilitate investments of nationals of a Party in the territory of

the other Party

See https://www.ttbizlink.gov.tt/trade/tnt/cmn/pdf/TT_Panama_PSTA.pdf for the full partial

scope agreement.i

https://www.ttbizlink.gov.tt/trade/tnt/cmn/pdf/TT_Panama_PSTA.pdf

Market Guide for Exporting Goods from Trinidad and Tobago to Panama Page 1 of 21

SECTION 1.0: MARKET OVERVIEW

1.1 Introduction

Panama is located in Central America between Costa Rica to the north and Colombia to the south.

It is at the southern end of the Central American isthmus (a narrow piece of land that connects

two larger land areas) and forms the land bridge between North and South America.

The country is comprised of the following nine (9) provinces: Boca del Toro, Chiriquí, Conclé,

Darién, Herrera, Los Santos, Panamá, Veraguas; and three (3) provinces of indigenous

populations known as Comarca: Emberá, Kuna Yala, Ngäbe Buglé.

1.2 Population

The National Institute for Statistics and Census estimates Panama’s population to be 3,787,511,

an increase of over 65,000 from the prior year. Of this population, 1,903,085 were male while

1,884,426 were female.

(Source: National Institute for Statistics and Census (2012) ii; CIA 2014)iii

1.3 Demographics

Ethnic Groups:

Main Groups: Mestizo (Mixed Spanish and American Indian

descent), Indian and Afro-Panamanians.

Minorities: Greek, Asian, Indian, Chinese, Lebanese, North

American and European.

Religions: Christian

(Source: Levinson 1998)iv

1.4 Climate

Much like Trinidad and Tobago, Panama has two seasons; dry and rainy. The dry season is from

December to May while the rainy season is from June to November. During the dry season, the

temperature during the day range from 30°C-31°C while at night it may range from 21°C-23°C.

(Source: Smithsonian Tropical Research Institute, n.d)v

Population: 3,787,511 (2012 est.)

Population Growth 1.6% (2013 est.)

Median Age (Years) Total: 28.3

Male: 27.9

Female: 28.7

Life Expectancy (Years) 78.3


1.5 Language

Spanish is the official language of Panama but English is widely spoken. In addition, there are

approximately fourteen (14) languages spoken in Panama, among them Arabic, Hebrew, Chinese

Dialects and indigenous languages. (Source: Ethnologue 2014).vi

1.6 Hours of Business

Businesses: Monday – Friday; 8:00 a.m. – 5:00 a.m, and Saturday 8:00 a.m. – 12:00 noon

Bank: 8:00 a.m. – 3:00 p.m.; Monday to Friday, and Saturdays, 9:00 a.m. – 12:00 noon

Government offices: 8:30 a.m. – 4:30 p.m.; Monday to Friday.

These are the general hours but the times of operations for banks and businesses should be verified as they

may vary.

1.7 Public Holidays

Month Day Observance

January 1 New Year’s Day

January 9 Martyrs’ Day

TBA Annually Good Friday

May 1 Labour Day

August 15 Old Panama City Day (Observed in Panama City only)

November 3 Independence Day from Colombia

November 10 Anniversary of Los Santos Uprising

November 28 Independence Day from Spain (if this date is mid-

week, the holiday is celebrated on the following

Monday

December 8 Mother’s Day

December 25 Christmas Day

1.8 Travel & Transportation

1.8.1 Airline Travel

Main Airport: Tocumen International Airport (PTY)

Distance from Panama City: 15 miles

Approximate driving time = Between 20 minutes to over 1 hour, dependent on the traffic, route

and time of day.

There are direct flights from Piarco Airport to Panama City through COPA Airlines twice a day.

American Airlines also offers a flight from Piarco to Panama City with a layover in Miami and

occasional stops throughout the Caribbean.


Individual Entry Requirements

1. Valid Passport (should not be expiring in 6 months)

2. Airline Ticket

Copa Airline (Non-Stop): Flying time – Approximately 3 hours, 8 minutes

Individual Exit Requirements

1. Valid Passport (No visa required for stay less than 180 days)

2. Airline Ticket

3. Departure Tax = US40 (it is either included in the ticket price and if not, it can be paid at

the airport)

(Source: International Air Transport Association 2014)vii

1.8.2 Ground Transportation

Transportation in and around Panama City can be done via the taxi, bus or metro system. Taxis

are readily available through the city and can cost on average USD 1 – 1.50 depending on the

distance and number of persons. The bus system is an inexpensive way to get around the city but

require familiarity with the country to manoeuvre. The metro system is new and currently limited

in its reach but construction is expected to continue extending the Metro system.

A map of Panama’s metro system can be seen at http://www.elmetrodepanama.com/pdf/LineaUno.pdf

1.9 Time Zone

Central Standard Time (CST)

Time Difference: 1 hour behind Trinidad and Tobago

1.10 Currency

The official currency is the Balboas. As a dollarized nation, the balboa is the same value as the

USD. Therefore, all prices are quotes in US. It is important to note when using US currency larger

than 100, persons are expected to walk with identification. Each bill is photocopied and the serial

code is written down in their records, which must be signed. This is done to reduce counterfeit

US Dollars which is very popular in Panama.

1.11 Communication

Calls from Trinidad and Tobago to Panama = 011 – 507 – 7 digit phone number

Calls from Panama to Trinidad and Tobago = 00 – 1 – 868 – 7 digit phone number


SECTION 2.0: ECONOMIC AND POLITICAL ENVIRONMENT

2.1 Economic Performance

Indicator Economic Performance

GDP (USD Million) 42,648

GDP per capital (USD) 11,075

GDP Growth (%) 8.4

GDP by sector Primary and industrial sector: 25.2%

Services: 70.3%

Inflation Rate 4.0

Unemployment Rate 4.1

Imports by Product (2013) Mineral products – 23%, Machinery and mechanical

appliances – 18.6%, Vehicles, aircraft, vessels and associated

transport equipment – 9.6%, Products of the chemical or

allied industries – 8.5%, Base metals and articles of base

metal

Import Partners (2012) USA – 23.6%, European Union – 8.4%, China – 6.4%

Costa Rica - 4.6%, Mexico – 4.4% (Sources: WTO 2014viii; European Commission Trade Directorate, 2013ix)

Panama is a strong economic powerhouse that is supported by the services provided to the

Panama Canal and the country’s banking system. The country’s average growth of 8.4% between

2007 and 2013 has made it one of the fastest growing economies in Latin America and one of the

more sound economies (The country was able to successfully weather the global economic crisis which

began in 2008). The recent elections held this year resulted in an expansion of infrastructural

development of roads and the expansion of the metro system.

The new president, Mr. Juan Carlos Varela, has vowed to continue the infrastructural expansion

and social programs which began under former President Martinelli. With his inauguration came

the implementation of price controls of twenty-two (22) basic food products intended to curb

price discrimination and inflation of food products between wholesalers and retailers. See full list

in appendix with prices. In addition, he has promised an increase in the minimum wage.

The date for the completion of the Panama Canal has been extended to 2015 due to contractual

issues with the construction companies involved. The expansion will facilitate larger ships at a

faster speed. While larger developed countries stand to benefit, this expansion may result in an

increased volume of trade which may increase competition in the market. exporTT continues to

monitor the developments in the market.

2.2 Structure of Output

Panama is a service based economy heavily reliant on the value chain related to and around the

Panama Canal and its operation. The tables and graphic representations below demonstrate each

sectors’ contribution to GDP and its growth over the past 3-4 years.


Table 1: Value Added Contribution to GDP (%), 2010-2012

Agriculture Manufacturing Industry Services

2010 3.75 6.65 20.94 75.30

2011 3.36 6.11 21.47 75.17

2012 3.47 5.75 22.11 74.41 (Source: World Bank (2014))

The above table reiterates the services sector’s contribution to GDP. Together, the services and

industrial sector comprise over 90% of the country’s GDP.

(Source: World Bank 2014)

This small snapshot of the Panama’s economy shows that the industrial sector of the country is

experiencing the fastest growth, surpassing that of services.

2.3 Economic Outlook

Inflation is an issue that has been plaguing Panama’s economic in recent times. President Varela,

has temporarily controlled the price inflation on certain basic food items, but this is a short-term

fix. Business Monitor International (2014) forecasts that inflation will continue, especially as

banks have not been giving credit as generously to agricultural producers. This has result in more

price pressures on food products. In the short-term, BMI predicts that Varela’s policy will impact

Panama’s international business performance.

Below is a forecast of GDP growth for the next nine (9) years. While rhythm of GDP growth is

balance during the period, the growth is generally lower than 2012 forecasts. Part of this

-10

-5

0

5

10

15

20

2010 2011 2012 2013

Sector Output, 2010-2013

Agriculture Manufacturing Industry Services


downgrade is due to the cease in infrastructural developments after elections and the Panama

Canal is completed.x

(Source: Business Monitor International 2014)

2.4 Business

To measure Panama’s business performance, we utilised the Ease of Doing Business measure

prepared by the World Bank and the Economic Freedom Index prepared by The Heritage

Foundation.

In the Ease of Doing Business Index 2014, Panama improved in ranking to 55. This index is

constructed by measuring ten (10) indicators, one of which is the ease of trading across borders.

The country’s performance in trade remain stable from 2013 at 11th in the world. This means that

Panama is considered to be one of the easiest economies to conduct trade with in the world.

However, the main areas of concern are paying taxes (165), resolving insolvency (131) and

enforcing contracts (85).

In contrast to the Ease of Doing Business, the Economic Freedom’s Index serves to measure a

country’s economic performance as a measure of attaining positive socio-economic goals.

Particular indicators in this index, offer insight into Panama’s business environment.

The country’s improved in its performance in business freedom but decreasing performance in

labour and monetary freedoms. The performance in labour freedom was affected by the lack of

flexibility observed in the market and monetary but the price ceilings. Based on this observation,

monetary freedom may decrease due to the price controls recently imposed. The country’s

performance in trade freedom recently decreased by virtue of their tariff regiment. This is a factor

that will be discussed in a later section.

2.5 Labour Force

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

GDP Growth 7.6 6.5 6.8 6.2 5.2 5.8 6.1 5.1 5.6 5.6

3

4

5

6

7

8

Gro

wth

GDP Growth Forecasts 2014 - 2023


Much of Panama’s labour force is employed in the largest contributor to the country’s GDP;

services. The largest employer in the services industry is the wholesale and retail sector. The rate

of employment is that sector has fluctuated, much like that of the unemployment rate. The

country has witnessed a boom in infrastructural development which has evident through the

increase in the employment of the construction sector.

(Source: WTO 2014)

2.6 Political Stability and Structure

Stability

Panama’s short-term political stability is currently being threatened by the President Varela’s

legislative alliance with the fragmented Partido Revolucionario Democrático (PRD). The party has

experienced a high level of resignations and currently suffer from deep international fractions.

As Varela’s party did not take a large enough majority in the legislative election to function

unilaterally, it is heavily reliant on the PRD’s stability in order to pass many of the promises he

made in his election campaign. (Business Monitor International 2014)

Structure

In 1989, Panama’s military regime led by General Manuel Antonio Noriega was overthrown by

the US military. Since then, successive governments have been term as ‘civilian’ due to them

being elected via democratic means (Congressional Research Service 2012).xi Panama is a

democratic republic with a President as the head of state and head of government, unlike that of

Trinidad and Tobago where these powers are separated between the President and the Prime

Minister. While the government holds executive power, the National Assembly holds legislative

power. Therefore, the government cannot rely on its efforts in the general elections to be effective

in the National Assembly. There are currently eleven (11) political parties, but 5 parties

EMPLOYMENT BY SECTOR, 2013

Agriculture and related activities Mining and quarrying

Manufacturing Electricity, gas and water supply

Labour Force: 1,777,005 (2012 est)

Unemployment: 4.5 (2012 est.)


traditionally hold the majority of votes; The Democratic Revolutionary Party (PRD), Panameñista

Party (PP), Democratic Change (CD), Nationalist Republican Liberal Movement and the people’s

Party.

(Source: Business Monitor International 2014)

SECTION 3.0: TRADE ENVIRONMENT

3.1 Import Statistics

Panama’s largest imports for 2013 are listed below.

HS Code

(2 Digit) Product Label

Value in 2013

(USD Thousand)

84 Ships, boats and other floating structures 18,342,967

99 Mineral fuels, oils, distillation products, etc 12,260,284

29 Organic Chemicals 3,151,225

84 Machinery, nuclear reactors, boilers, etc 2,544,887

85 Electrical, electronic equipment 1,930,743

87 Vehicles other than railway, tramway 1,280,584

50 Pharmaceutical products 1,253,347

61 Articles of apparel, accessories, knit or crotchet 1,063,854

64 Footwear, guitars and the like, parts thereof 1,043,034

73 Articles of iron or steel 976,845 (Source: ITC 2014)

The main source of importers were the following:

(Source: WTO 2014)

Free Zones USA China Costa Rica Mexico

2010 27.6 27.6 5.4 4.9 4.3

2011 30.3 24.9 6.1 4.5 3.9

2012 30.4 23.6 6.4 4.6 4.4

0

5

10

15

20

25

30

35

PE

RC

EN

TA

GE

Top Merchandise Imports Source

(% of Total Imports) , 2010-2012


The largest source of Panama’s imports have been from Free Zones. The location of these imports

are not mentioned. After Free Zones, came USA. Additionally, imports from the Free Zones

increased by 8.9% from 2007 to 2008 from 15.6% to 30.4%. Indicative of the impact financial crisis

in the US and later the global economic crisis. Between 2007 and 2012, imports from the Free

Zones increased 14.8%. In contrast, imports from the US decreased by 7.6% from 2007-2012 from

30.9% of the country’s imports to 23.6%.

3.2 Import Tariffs & Taxes

Import Tariffs

Tariff duties for exports from Trinidad and Tobago to Panama can be accessed here at ITC’s

Market Access Map: http://www.macmap.org/Main.aspx or exporters can contact exporTT’s

Export Market Research Centre (EMRC) for this information.

Taxes

Import Duty

o This is calculated using CIF (Cost, Insurance and Freight). Imports that have an

FOB value amounting to less than USD 50, they are except from duty.

Value-Added Tax (Sales Tax) known as the Transfers of Tangible Goods and the

provision of services (ITBMS)

o The standard rate is 7%. Special rates included 10% VAT applied to alcoholic

beverages, hotels and other lodging services and 15% applied to cigarettes, cigars

and other tobacco products. This rate is applied to the CIF value and the Duty.

o Goods exempted from VAT are:

Agricultural produce

Unprocessed fish, mean and game

Exported goods

Medical and Pharmaceutical products

Books

Goods made in Colon Free Zone

Moveable goods within authorised customs warehouse

Oil and other related products, except motor oil

Groceries

Products utilised in agriculture

Administrative Charge for Customs1

1 Source:

http://www.centralamericadata.com/en/article/home/Panama_Container_Inspection_Costs_Established


o This charge was recently amended by the Cabinet Council of Panama in May 2014

to the fee of USD 100 for a good with taxable value at customs equal to or greater

than USD 2,000.

(Source: Central America Data)xii

Selective Consumption Tax (ICS)2

o This tax is applied to these specific goods, locally produced and/or imported:

Aerated and alcoholic beverages

Tobacco products

Cars and motorcycles

Vessels

Aircraft

Jewellery

Prizes won at slot machines

o The standard rate of ICS is 5% with the exception of tobacco products which is

taxed at 32.5% and alcohol which has a fixed rate on each percentage of alcohol

strength per litre. See Appendix II

(Source: WTO 2014)

3.3 Trade Barriers

Based on the World Economic Forum Enabling Trade Index, Panama ranked as the 3rd highest

performing country where trade is concerned of any Latin America and Caribbean country.

Despite its high performance in the index, its main trade barrier to importing goods into Panama

were the following:

Cost of domestic and international transportation to the market;

Tariffs

Burdensome standards and regulations procedures;

o exporTT’s Market Survey Mission to Panama actually uncovered that it takes

approximately 3-6 months to achieve standards and regulations compliance for

food and beverage products where as it takes 1 -2 years to do the same for a

chemical product. The testing procedures for chemical products are quite

burdensome and have deterred some of the distributors our Mission interviewed

from seeking chemical products prior to them having achieved full compliance.

Corruption

The recently signed Partial Scope Agreement between Trinidad and Tobago and Panama is

expected to remove a few of these trade barriers, namely tariffs, as many of our products have

been given some form of preferential treatment.

(Source: World Economic Forum 2014)xiii

2 WTO Trade Policy Review


3.4 Prohibited and Restricted Imports

There are no prohibited imports to Panama but certain goods require Phytosanitary or Special

purpose certificates.

3.5 Trade Agreements

Date Agreement Type

1986 Mexico Partial Preferential Agreement

1987 Dominican Republic Partial Preferential Agreement

1995 Colombia Partial Preferential Agreement

2002 Central America (Costa Rica, Guatemala, El

Salvador, Honduras and Nicaragua) Free Trade Agreement

2004 Taiwan Free Trade Agreement

2006 Singapore Free Trade Agreement

2008 Chile Free Trade Agreement

2012 Peru Free Trade Agreement

2012 Central America – European Union Free Trade Agreement

2012 United States of America Free Trade Agreement

2013 Canada Free Trade Agreement (Source: OAS Trade Information Systems)

SECTION 4.0: MARKET CHALLENGES

4.1 Culture

Panama’s business culture is starkly different to that of Trinidad and Tobago. As with other Latin

American countries, status is an important element in doing business. Additionally, saying “yes”

publicly is considered to be a sign of politeness and less of an affirmative decision. This may be

misleading when conducting business. Exporters are asked to be aware of this difference in

culture.

4.2 Price

While price inflation has been mentioned as an ongoing problem in Panama, the prices still

remain competitive. Multiple brands within the same product may be priced within $0.01 of each

other, and this difference is highly considered by the consumer. At present, the Partial Scope

Agreement with Panama has not been enacted by parliament. Until this time, transportation costs

into Panama will play a strong factor in determining the price of the products. Out market

research identified that the cost of transportation into Panama varies, but this variation is not

always caused by distance. For example, it costs US $2,300 for a 20 ft. container from Chile while

it takes US 3,600 for the same 20 ft. container from Costa Rica. Therefore, exporters are advised

to be aware of the transportation costs of their goods into Panama.


While transportation can impact your price, your price can impact how successful your brand

will be on the market. While Panamanians have traditionally been more brand conscious,

research has shown that they are willing to try certain new products if the price is right.3

4.3 Competition

When considering exporting to Panama, Trinidad and Tobago’s exporters should be aware of the

high level of competition on the market. The shelves of the grocery and the malls are stocked with

American, Chinese, Costa Rican and Chilean brands, just to name a few. As the main

transhipment hub to enter and leave Latin America and the Caribbean, the country has a plethora

of products flooding the market. This competition will make Trinidad and Tobago’s products one

of many, therefore, exporters are advised to do considerable research in identifying ways to

differentiate your product, whether it be on price, quality or design.

4.4 Taste Preference

Understanding the Panamanian consumer taste is important for all exporters. For food and

beverage exporters, understanding their palate will determine if your product will succeed in the

market. For non-food and beverage products, getting an appreciation for the motivations for

spending money will help you understand your market. Market research has highlighted that

spending habits and taste preferences differ by location, demographic and social classes. Not

understanding the niche your product fits into can be detrimental for your product given that

high degree of options on the market available to consumers. Pre-market entry research is

important.

4.5 Brand Loyalty

As previously mentioned, Panamanians are very brand conscious. They are also very brand loyal.

exporTT’s Market Survey to Panama uncovered that many persons buy particular products

because it was purchased in their household, and not necessarily because of quality. Panamanians

have been described as risk averse when it comes to trying new products. The willingness to

deviate from this tradition and try a new product, based on the interviews conducted in the

grocery stores, will require a unique method of advertising of promotion.

Methods to overcome this challenge is discussed in Section 6.0: Market Entry Strategy.

SECTION 5.0: TOP MARKET OPPORTUNITIES AND PROSPECTS

President Varela’s promise to increase the middle wage accompanied by other poverty alleviation

programs implemented by former President Martinelli is forecasted to expand the middle class

and its purchasing power.

3 While the research has shown that they are willing to try new products, this principle does not extend to

food. Panamanians are very brand loyal and traditional when it comes to food as will be discussed in the

next sub-heading.


The prospects for Trinidad and Tobago’s exporters are heavily reliant on the Partial Scope

Agreement. While it was signed in 2013, it has not yet been enacted by the Parliament of Trinidad

and Tobago. Therefore, none of the concessions outlined in the Agreement is yet active. When the

Agreement becomes active, the cost of exporting will be significantly cheaper for many products

that will now have preferential access into the Panamanian market and may result in certain

products being able to be more price competitive. Our prospects in the market will be further

impacted by the President’s policies targeting price inflation and alleviating poverty.

Exporters who are interested in uncovering the opportunities that lie in the Agreement for their

products are asked to contact exporTT for further information.

SECTION 6.0: MARKET ENTRY STRATEGIES

6.1 Using an Agent or Distributor

Agents and distributors are still popular for those exporting to Panama. The agent serves as a

Consultant by providing market intelligence, makes contacts while introducing your product

onto the market and manages the price and image of your product. An agent is usually not a

distributor, therefore, the housing, transportation and distribution of products will still have to

be handed by a traditional distributor. The downside of the agent approach is that the exporter

may still be responsible for all paperwork relating to shipping, customs and tax. This approach is

recommended for more experienced exporters. The role of a distributor varies according to the

terms of the distribution agreement. Both options require the exporter to be vigilant of their brand

in the foreign country.

6.2 Joint Ventures/Licensing

Joint ventures are commercial agreements between two or more companies to share costs and

profits, to achieve a common goal on mutual beneficial terms. In international trade, this practice

has been common between commercial entities in different countries to overcome barriers such

as distance, transportation cost and language barriers, to name a few. Joints ventures also allow

companies to pair with someone to overcome weaknesses within their company, and share

contacts and reputation in a market. Thorough background checks should be conducted prior to

engaging any person/company in a joint venture. These agreements are becoming more common

in Panama and there are no laws that regulate joint venture contracts.

A licensing agreement allows a foreign company to sell or produce another company’s goods in

their home country. Like joint ventures, licensing overcomes many barriers to trade. These

agreements have the added benefit of reducing production costs in certain circumstances. While

licensing agreements are required by law to be registered in according with Law 35, this has not

regularly practiced. Additionally, any licensing agreement that involves any form of intellectual

property must be registered with the following:


Patents and trademarks – Industrial Property Department of the Ministry of Commerce

and Industries

Copyright – Directorate General of Copyright at the Ministry of Education

Any intellectual property being manufactured or traded in any Free Zone has a separate registry.

Exporters are advised to seek legal advice prior to pursuing any of these agreements.

SECTION 7.0: SELLING, MARKETING & PROMOTIONS

7.1 Selling Factors/Techniques

As with other Latin American countries, business in Panama depends heavily on personal

relationships. Therefore the business community in Panama places high importance on personal

contacts with foreign suppliers. Trinidad and Tobago exporters should be prepared to travel to

Panama periodically and follow up with customers regularly via telephone, Skype, email and fax.

Exporters should be mindful that a patient sales approach is preferred over a “hard sell”.

Additionally, focusing on price and quality are the main selling points for Panamanians, as

previously discussed.

Selling factors and techniques are described in the following five steps to master the selling

process.

Steps Description

1. Greeting

You need to ‘arrest’ the buyer:

Pay attention to dress, hygiene, grooming, handshake, etc.

Treat the buyer’s business card with respect and present your

business card in a professional manner.

Speak clearly, paying attention to voice, tone, eye contact, etc.

Use correct titles and surnames.

Have a positive body language.

2. Ask questions to

understand the

prospect

Don’t ask direct questions but ask leading questions in a

conversation type manner to find out the buyer’s need and what

he/she is looking for.

3. Present Benefits Present the benefits of your product/s or service/s in a manner

that aligns them to the need of the buyer.

4. Handle Objections

If the buyer is not interested in your product/s or service/s, don’t

end the meeting in despair, remain calm. Instead, take the

opportunity to find out more about the market and their needs so


7.2 Trade Promotion

Locally, exporTT offers trade promotion programmes periodically, including trade missions,

trade shows, trade fairs, matchmaking events, conferences, etc. These programmes are conducted

with a pre-approved budget and with an element of co-financing with the exporter for some

activities.

7.3 Advertising

One reality that Trinidad and Tobago’s exporters must face is that Trinidad and Tobago is not a

well-known country for Panamanians. Furthermore, it is even more unknown that we have a

diverse manufacturing base. Therefore, advertising for exporters will have to differ from that of

exporters from more well-known countries like the US, Chile or Costa Rica, to name a few.

Where Trinidad and Tobago’s products are concerned, market research uncovered that the best

method for advertising is free sampling which should be done prior to the introduction of the

product onto the shelves. The ‘free’ element will attract consumers, who are both traditional and

averse to new products. It will also assist in gauging the potential for a product in the market.

Exporters are advised to discuss promotion and advertising strategies with your agent or

distributor prior to signing any agreement. As these individuals are the main advocates of the

that you can possibly make adjustments to your product to suit

their needs.

5. Close

It is very important to know and agree on the next steps which

should include a thank you email which captures the essence of

the conversation and the activities that would follow.

Other Tips

Be prepared

Know your business and your products

Be confident

Be a persuasive negotiator

Confirm appointments at least 24 hours in advance and be on

time.

Prepare your marketing tools e.g. brochures, samples,

PowerPoint presentations, etc. and make them come alive

with images.

Take notes and bring a notetaker.

When using an interpreter, do not speak directly to the

interpreter as if the buyer is absent, however keep the

conversation focused on the buyer and allow the interpreter

to interpret accordingly.


product in the market, the terms for promotion and advertising agreed to may be a critical factor

in determining a product’s success in the market.

7.4 Electronic Commerce

exporTT’s Market Survey to Panama uncovered that eight out of ten Panamanians use the

internet to source their product and services as opposed to the television. Most stores in Panama

have a web presence for purchasing but it does not always include the full array of products

available in the store. Unfortunately, electronic commerce has not been shown to be effective

where new products are concerned due to the factors discussed in Section 4.0: Market Challenges.

7.5 Distribution and Sales Channels

For food and beverage products, importers act as both distributors, wholesalers and at times,

retailers. This is usually the case as importing goods is a much easier and less time consuming

procedure. For industrial goods, distributors and agents are separate entities to retailers of the

products.

Market Segmentation

Rosanno V. Gerald presented in “Panama’s Low-Income Consumers’ Brand Loyalty Panamanian

Consumers” (2001) found that Panama’s lower class are either brand loyal or store loyal.

exporTT’s Market Survey found that the middle class is more price conscious and are willing to

try another brand if the price is cheaper. Finally, the upper class was found to be more concerned

with quality. This made them brand loyal to major international brands. In the upper-class stores,

there is a more gourmet approach towards retail with more focus on the cosmetic aspects of the

store’s layout, superior customer services and a wider variety of international brands and ethnic

products.

As previously mentioned, exporters should identify their preferred market segment as part of

their entry strategy and manipulate the product to suit the preferences of the consumer.

7.6 Pricing

The pricing for Panama includes the following elements:

CIF

Duty

VAT

Administrative Customs Fee

Distribution mark-up (20-30%)

Cost of product introduction to retail4

Retail mark-up (+25%)

4 Distributors have to pay retail stores a fee for introducing new products per unit item introduced.


7.6 Shipping Information

The table below represents the average cost of shipping a 20ft and 40ft container to Panama with

an estimated transit time of 5 days.

* Rate valid 1 month

* Rates are quoted in USD

* Port - Point Lisas Port

7.7 Due Diligence

Before finalizing any contract whether for sale or representation, Trinidad & Tobago exporters

should obtain information on the bona fides of Panamanian firms including reliable business and

financial references.

Also, the because of the language difference between Trinidad & Tobago and Panama, this

presents opportunities for serious miscommunication and misunderstandings and sometimes

with grave consequences which you would want to avoid. Therefore when entering into business

with Panamanian companies, it is imperative to utilize the services of a competent bi-lingual

attorney to avoid communication failures.

SECTION 8.0: REGULATIONS AND STANDARDS

8.1 Sanitary Product Registration

In order to import food, beverage, drugs and chemicals into Panama the following are required:

Power of Attorney

Permit issued by the Health Authority of the country of origin, not more than 1 year prior

to application

For all inquiries, please contact a licensed customs broker or AUPSA.

The following information must be submitted to receive certification:

A list of ingredients as a percentage of total with them listed from highest value to lowest.

Quantitative information regarding additives must also be submitted. This document

must be issued by the authorized signatory of the manufacturing company.

Description 20 ft 40 ft

Ocean Freight 700.00 1,150.00

Terminal Handling Charge 229.00 229.00

Bunker Surcharge 375.00 750.00

Local Administration Charge 51.75 51.75

Total 1,355.75 2,180.75


Shelf Life: Expiration Date

Original Tags: Listing the usage, warnings and pre-cautions which must be listed in

Spanish

Code and it’s interpretation

Specific size containers

8.2 Samples

Please engage the services of a licenses customs broker for advice and assistance on the shipping

and samples.

8.3 Packaging, Labelling and Marking Requirements

Packaging requirements are in Article 54 of Law Degree 11 of February 22, 2006. The law requires

that all food products must be registered by the Panamanian Food Safety Authority (AUPSA)

prior to beginning the importing process. Labelling requirements are outlined in Article 36 of

Law 45 of October 31, 2007. The label of certain imported goods can be of the language of origin

of the product, but the contents and instructions for its use must be in Spanish and stuck on the

packaging. The following products must have labels in Spanish:

Medicines

Agricultural Chemicals

Toxic Products

Food products with rare specific instructions for use or risks to human health

8.4 Customs Regulations

While it is not necessary, it is advised that exporters utilise the services of a licensed customs

broker to facilitate the movements of goods into Panama. The following documents are required

for exporting to Panama:

Import Declaration (This document must be approved and signed by an authorised customs

broker)

Commercial Invoice

Airway Bill

Bill of Lading (triplicate)

Commercial License Number (of the commercial entity receiving the merchandise)

Phytosanitary Certificate

Authorisation from the Panamanian Food Safety Authority (AUPSA) if applicable

Certification of Free Sale, if applicable (those products for human consumption)

Certificate of Origin

SECTION 9.0: TRADE EVENTS AND FAIRS

Expocomer is a three day annual trade fair that also provides a Business-to-Business platform.

The next scheduled fair is March 2015 and more information can be found at:

http://www.flipsnack.com/58CBAEEC5A8/catalogo-expocomer-2014.html

http://www.flipsnack.com/58CBAEEC5A8/catalogo-expocomer-2014.html


SECTION 10.0: FINANCING EXPORTS TO PANAMA

exporTT Limited provides co-financing options (50% reimbursement) for the following market

access activities:

a. Product Registration

b. Trademark Registration

c. Product Testing

d. Translation & Interpretation Services

e. Legal representation for product, brand and trademark registration

f. Booth rental at trade shows

g. Business to business matchmaking services

h. Shipping of samples

i. In-store marketing and promotions

j. Booth design at trade shows

k. Ground transportation for exporTT led groups at trade missions and trade shows

l. Brand registration

m. Label modification

n. Registration at international capacity building forum/workshop

Please contact the following person or any other exporTT representative for more information on

these services:

Mr. Crisen Maharaj

Manager- Capacity Building and Programme Financing

exporTT Limited

151B Charlotte Street

Port of Spain

Tel.: (868) 623-5507 Ext. 362

Fax: (868) 625-8126

Mobile: (868) 796-4276

Email: [email protected]

Website: www.exportt.co.tt

In addition to local banks, to obtain information on financing exports to Panama, please contact:

Mr. Shaun Waldron

Manager, Credit & Business Development

Export Import Bank of Trinidad & Tobago Limited

#30 Queen's Park West,

Port of Spain

Phone: 1-(868)-628-2762 Ext. 288

Fax: 1-(868) -628-9370


Website: www.eximbanktt.com

mailto:[email protected]

http://www.exportt.co.tt/


http://www.eximbanktt.com/


SECTION 11.0: USEFUL CONTACTS

11.1 Trinidad and Tobago

Office Contact Information

exporTT Limited

Jamila Greene (Ms.)

Export Officer

151B Charlotte Street

Port of Spain

Tel: 1-868-624-3932 Ext. 234

Fax: 1-868-625-8126


Web: www.exportt.co.tt

Panamanian Embassy

Panamanian Embassy in Port-of-Spain, Trinidad and Tobago

25 De Verteuil Street

Woodbrook

Port-of-Spain

Trinidad and Tobago

Telephone: 1-868-628-9956; 1-868-628-9957

Fax: 1-868-622-8992


Head of Mission: Arline Gonzalez Costa, Ambassador

Customs & Excise

Division

Customs and Excise Division

Ministry of Finance

Custom House

Nicholas Court

Cor. Abercromby Street and Independence Square

Port of Spain

Phone: (868) 625-3311-9 Ext 335-8

Shipping Agencies

Shipping Association of Trinidad & Tobago

15 Scott Bushe Street, Port of Spain

Phone: (868)625-2388, (868)623-3355

Fax: (868)623-8570


Web: http://shipping.co.tt/member%20search.php?id=1&page=1

Translation Services

A list of official translation and interpreting agencies approved

by the Ministry of Foreign Affairs, Trinidad and Tobago can be

found in Appendix IV.


http://www.exportt.co.tt/



http://shipping.co.tt/member%20search.php?id=1&page=1


11.2 Panama

Office Contact Information

Ministry of Finance and

the Economy

Ministry of Finance and the Economy

Avda. Perú

Address Postal: Area Code 2694 Zona 3 Panamá

Tel: 269-4133; Telefax: 269-6822


Web: www.mef.gob.pa

Ministry of Agricultural

Development

Ministry of Agricultural Development

Animal Health

Calle principal Curundú

Tel: 266-2303/1812; Telefax: 266-2943

Web: www.mida-dinasa.gob.pa


Ministry of Health

Ministry of Health – Food Safety Department

Antiguo Hospital Gorgas

Tel: 212-9180;

Web: www.minsa.gob.pa

General Comptroller of

the Republic

General Comptroller of the Republic

Avda. Balboa y Federico Boyd.

Address Postal: Area Code 5213 Zona 5, Panamá

Tel: 264-0777. Telefax: 269-7294

Web: www.contraloria.gob.pa

Ministry of Industry and

Commerce

Ministry of Industry and Commerce


Tel: 227-4222. Telefax: 227-4134

Web: www.mici.gob.pa

e-mail: [email protected]

National Bank of Panama

National Bank of Panama

Torre Banconal Vía España y C/55


Tel: 263-5151; Telefax: 223-3205

Web: www.banconal.com.pa

Panamanian Tourism

Institute

Panamanian Tourism Institute (IPAT)

Vía Israel, San Francisco

Tel: 226-7000. Telefax: 226-4614

Web: www.ipat.gob.pa

Colón Free Zone

Colón Free Zone

Address Postal: Area Code 1118 Administración Zona Libre de Colón

Tel: 441-5794/7580

Fax: 445-2165/2661


Web: www.zonalibredecolon.com.pa


http://www.mef.gob.pa/

http://www.mida-dinasa.gob.pa/


http://www.minsa.gob.pa/

http://www.contraloria.gob.pa/

http://www.mici.gob.pa/


http://www.banconal.com.pa/

http://www.ipat.gob.pa/


http://www.zonalibredecolon.com.pa/

Appendices

Appendix I – Price Controls implemented from 1st July, 2014

No Product Description Minimum

retail price

(per lb)

Minimum

retail price

(per lb)

Gross margin

on retail

marketing cost

1 Babilla $2.87 $6.33

Incorporated in

the maximum

retail price

2 Steak T-Bone $2.45 $5.40

3 Ground beef (Excludes special and low

fat options)

$2.00 $4.41

4 Jarrette $2.30 $5.07

5 Steak Breast – Not premium $0.75 $1.66

6 Full National Chicken $1.18 $2.60

7 Pork Chop $1.90 $4.19

8 Premium Rice 1lb/5lbs $0.40/$2.00 $0.88

9 Yellow Onion (jumbo size not included) $0.60 $1.32

10 Yuca (Cassava) $0.28 $0.62

11 Local Potatoes $0.60 $1.32

12 Local Tomatoes $1.08 $2.39

13 Yuca (Cassava) $0.28 $0.62

14 12 Medium Size eggs (organic eggs not

included)

$1.87 N/A 10%

15 Power Milk, evaporated (360g) $3.76 N/A 10%

16 Lentils $0.56 $1.23 10%

17 Spaghetti (350g) $0.59 $1.23 10%

18 White Bread – 24 Slices (Does not include

jumbo size, raisin or wheat bread)

$0.92 N/A 10%

19 Local Kidney Beans $0.96 $2.13 10%

20 American Cheese $0.10 N/A 15%

21 Hotdogs (not including frankfurters,

smoked or specially processed cuts)

$1.19 $2.62 15%

22 Tuna in Water $1.02 N/A 10% (Source: http://www.gacetaoficial.gob.pa/pdfTemp/27568/GacetaNo_27568_20140701.pdf)

http://www.gacetaoficial.gob.pa/pdfTemp/27568/GacetaNo_27568_20140701.pdf

Appendix II – Selective Consumption Tax (ICS)

Product Rate Exemptions

Aerated beverages 5%

Syrups or concentrates used in the

production of aerated beverages

6%

Rectified alcohol, rum, whisky or gin B 0.035a

Domestically produced spirits

distilled from sugar cane, honey,

cane syrup, molasses and maize

aged for four years receive a rebate

of 10% of the value of the tax; a

further rebate of 5% for each

additional year of aging; the total

rebate may not exceed 40%. Alcohol

used in pharmaceutical

preparations; chemical products;

fuels; dyes and perfumes

Beer

Tobacco products (incl. cigarettes)

B 0.325b

32%

Non-alcoholic beers and liquid

extracts of malt that do not contain

more than 0.5% of alcohol by

volume

(Source: WTO Trade Policy Review, 2012)

Appendix III – Buyers & Distributors

Company: HERMANOS ZAKAY, S.A.

Tel.: (507) 236-1467 Fax: (507) 236-1408

Address: CALLE 2DA. LA LOCERIA

Area Code: 8242 ZONA 7

Province: PANAMA Country: PANAMA

Web: www.hermanoszakay.com

E-mail: [email protected]

Contact: Isaac Zakay (Gerente)}

Company: IMPORTADORA Y EXPORTADORA HERMANOS GAGO, S.A.

Tel.: (507) 271-0044 Fax: (507) 271-0048

Address: PARQUE INDUSTRIAL, COSTA DEL ESTE, CALLE 2ª




Contact: José Alfonso Gago Salinero (Gerente)

Company: IMPORTADORA RICAMAR, S.A. (SUPER 99)

Tel.: (507) 221-2022 Fax: (507) 221-1749

Address: CALLE 16, RIO ABAJO (SUPER 99 DE MONTE OSCURO)

Area Code: H ZONA 4


Web: www.super99.com

Contact: Eduardo Martinelli (Vicepresidente de compras)

Company: RIBA - SMITH, S.A.

Tel.: (507) 229-3999 Fax: (507) 229-1006

Address: VIA SIMON BOLIVAR, URB, HERBRUGER

Area Code: 204 PANAMA 9A


Web: www.rimith.com


Contact: Julio Valdés (Director de compras)

Company: TAGAROPULOS

Tel.: (507) 360-0316/40 Fax: (507) 360-0354

Address: LA LOCERÍA, CALLE RICARDO J. ALFARO



Web: www.tagaropulos.com


Contact: Sandra Elisa Salcedo (Gerente de compras)

Company: BELLO DISTRIBUTION CORPORATION

Tel.: (507) 223-4466 / 223-4467 Fax: (507) 223-5523

Address: EDIF. BAHIA BALBOA – MEZZANINE-PLANTA BAJA

Area Code: 55-0031 PAITILLA


E-Mail: [email protected]

Contact: Sally de Salermo (Gerente)

Company: BROSTELLA, S.A.

Tel.: (507) 261-7294 Fax: (507) 261-3800

Address: EDIF. AGENCIAS BROSTELLA. CALLE JORGE ZARAK




Contact: Miguel Brostella Novey (Presidente)

Company: DISPAL

Tel.: (507) 217-3777 Fax: (507) 217-6046

Address: VÍA TOCUMEN, SAN CRSITOBAL, CALLE LA CANTERA

Area Code: 6-2462 EL DORADO


Web: www.varelahermanos.com


Contact: Mario L. Cucalón

Company: DISTRIBUIDORA CANAVAGGIO (EL TASTEVIN)

Tel.: (507) 229-3411 Fax: (507) 229-3325

Address: VIA PORRAS Y CALLE 64 A

Area Code: 601, ZONA 9A



Contact: Jack Canavaggio (Gerente)

Company: DOPISA

Tel.: (507) 265-4703 Fax: (507) 264-7529

Address: CALLE E. A. MORALES



Contact: Willy Diggelmann

Company: FELIPE MOTTA

Tel.: (507) 271-5555 Fax: (507) 271-0019

Address: COSTA DEL ESTE, URBANIZACIÓN INDUSTRIAL



Web: www.felipemotta.com


Contact: Luis J. Castillo (Gerente de compras)

Company: GLOBAL BRANDS

Tel.: (507)265-1444 Fax: (507) 265-1448

Address: VIA BRASIL, NO. 47, AL LADO DISPLAY PLAZA



Contact: Raul Motta (Gerente)

Company: ALMACEN EL MACHETAZO

Tel.: (507) 227-3222/227-3014 Fax: (507) 227-3405

Address: AV. CENTRAL, 13-81




Contact: Lilian Pool (Gerente)

Company: CASA DE LA CARNE

Tel.: (507) 264-6166 Fax: (507) 265-0565

Address: EL CANGREJO CALLE F



Web: www.casadelacarne.com


Contact: Aldo Mangravita (Gerente)

Company: IMPORTADORA Y EXPORTADORA NIMAR

Tel.: (507) 222-0528 /0503 Fax: (507) 222-0445

Address: AVENIDA 1ª, PARQUE LEFEVRE

Area Code: 55-0673 PAITILLA



Contact: Nikos Mamay (Presidente) Marcas españolas: Maestranza



Company: LICORES FLORENCIA, S.A.

Tel.: (507) 221-9111 Fax: (507) 221-6611

Address: VIA ESPAÑA Y CL.95 CARRASQUILLA




Contact: Eduardo Lao (Gerente)

Company: SWIFT & COMPANY

Tel.: (507) 236-2711/236-2825 Fax: (507) 236-3917

Address: CL. J, URB. IND. LOS ANGELES




Contact: Raúl Rodríguez (Gerente) Marcas españolas: Fragata

Company: H. TZANETATOS INC.

Tel.: (507) 220-1977 Fax: (507) 220-5143

Address: VIA TOCUMEN



Web: www.tzanetatos.com


Contact: Alberto Paz Rodríguez (Gerente)

Company: IMPORTADORA Y EXPORTADORA HERMANOS GAGO, S.A.

Tel.: (507) 271-0044 Fax: (507) 271-0048

Address: PARQUE INDUSTRIAL, COSTA DEL ESTE, CALLE 2ª




Contact: José Alfonso Gago Salinero (Manager) Baquero, El Prado

Company: HERMANOS ZAKAY, S.A.

Tel.: (507) 236-1467 Fax: (507) 236-1408

Address: CALLE 2DA. LA LOCERIA



Web: www.hermanoszakay.com


Contact: Isaac Zakay (Gerente)

Company: AGENCIAS ESCOFFERY, S.A.

Tel: (507) 222-4851 Fax: (507) 224-8751

Address: CL. 4 PARQUE LEFEVRE

Area Code: 9677

Province: PANAMA 9 Country: PANAMA

Web: www.agenciasescoffery.com


Contact: Tomás Francisco Guardia (Gerente)

Company: AGENCIAS FEDURO, S.A.

Tel.: (507) 236-3333 Fax: (507) 236-3371

Address: AVE. RICARDO J. ALFARO, CL. MIGUEL BROSTELLA

Area Code 6-3941EL DORADO


Web: www.feduro.com


Contact: Félix B. Maduro (Gerente)

Company: AGENCIAS LUGO, S.A.

Tel.: (507) 229-6253 Fax: (507) 229-6354

Address: EDIFICIO PLAZA AGORA - PUEBLO NUEVO

Area Code: 11130-6



Contact: Leo González (Gerente)

Company: DONALD W. DICKERSON, INC.

Tel.: (507) 229-1555 Fax: (507) 229-3548

Address: AVE. SIMÓN BOLIVAR Y 12 DE OCUBRE



Company: GRUPO BARSASH, S.A.

Tel.: (507) 221-5574/ 3524 Fax: (507) 221-5777

Address: CALLE 5ª PARQUE LEFEVRE

Area Code: 0816-2760



Contact: Dylian Villareal (Gerente) Marcas españolas: Diamante

Company: H. TZANETATOS INC.

Tel.: (507) 220-1977 Fax: (507) 220-5143

Address: VIA TOCUMEN



Web: www.tzanetatos.com


Contact: Alberto Paz Rodríguez (Gerente)

Appendix IV – Public Translators

(Approved by the Ministry of Foreign Affairs, Trinidad and Tobago)

1) Mr. Kelvin Hoskins

#3 O’Connor Street, off Dickson Avenue, Diego Martin

Tel: 352-2238/632-8286

2) Ms. Doris Millan

#42 Saddle Road, Maraval Spanish

Tel: 753-0643/628-8414

3) Mr. Jaime Graells

#28 Old Paddock Road, Blue Range, Diego Martin

Tel: 759-5218/637-7140

4) Mr. Luis Arreaza

# 38 Carlos Street, Woodbrook Spanish, French

Tel: 764-8683

5) Mr. Chantale Leonard-St. Clair

Director (Ag.)

Translation & Interpreting Services Unit

College of Science Technology and Applied Arts

of Trinidad and Tobago (COSTAAT)

Tel: (868) 625 5030 Ext. 5270

Fax: (868) 627 5714

E-mail: [email protected]; [email protected]

6) Mr. David Coutisson

Director

THE ALLIANCE FRANÇAISE French

# 17 Alcazar Street, Port of Spain

Tel: 622-6119/6728

7) Eric Maitrejean

CITB Coordinator

Caribbean Interpretation & Translation Bureau

University of the West Indies Spanish, French, Arabic

St. Augustine Campus, St. Augustine

Tel: 662-0758


Spanish, French, Portuguese,

Dutch, German




WORKS CITED

i Trinidad and Tobago Business Link (ttbizlink.gov.tt). (2013). Partial Scope Trade

Agreement Between the Republic of Trinidad and Tobago and The Republic of Panama.

Retrieved from https://www.ttbizlink.gov.tt/trade/tnt/cmn/pdf/TT_Panama_PSTA.pdf ii National Institute for Statistics and Census (Instituto Nacional de Estadística y Censo). (2012).

Projections on Country Population (Proyecciones de la Población del País). Retreived from

http://www.contraloria.gob.pa/inec/Publicaciones/subcategoria.aspx?ID_CATEGORIA=3&ID_S

UBCATEGORIA=10&ID_IDIOMA=1 iii Central Intelligence Agency. (2014). The World Factbook. Retrieved from

https://www.cia.gov/library/publications/the-world-factbook/geos/pm.html

iv Levinson, David. (1998). Ethnic Groups Worldwide: A Ready Reference Handbook. Phoenix,

Arizona: The Oryx Press. v Smithsonian Tropical Research Institute. (n.d). About Panama. Retrieved from

http://stri.si.edu/english/about_stri/about_panama/index.php

vi Lewis, M. Paul, Gary F. Simons and Charles D. Fennig (eds). (2012). Ethnologue: Languages

of the World, 17th Edition. Dallas, Texas: SIL International. Retrieved from

https://www.ethnologue.com/country/PA/languages

vii International Air Transport Association (IATA). (2014). Panama Customs, Currency &

Airport Tax Regulations Details. Retrieved from http://www.iatatravelcentre.com/PA-Panama-

customs-currency-airport-tax-regulations-details.htm viii World Trade Organization (WTO). (2014). Trade Policy Review: Panama. Retrieved from

http://www.wto.org/english/tratop_e/tpr_e/tp401_e.htm ix European Union Trade Directorate. (2014). European Union, Trade in goods with Panama.

Retrieved from http://trade.ec.europa.eu/doclib/docs/2006/september/tradoc_113433.pdf x Business Monitor International (BMI). (2014). Central America Business Forecast Report. xi Congressional Research Service. (2012). Panama: Political and Economic Conditions and

U.S Relations. Retrieved from http://fas.org/sgp/crs/row/RL30981.pdf xii Panama Container Inspect Costs Established. (2014). CentralAmericaData.com. Retrieved

from

http://www.wto.org/english/tratop_e/tpr_e/tp401_e.htm

http://fas.org/sgp/crs/row/RL30981.pdf

http://www.centralamericadata.com/en/article/home/Panama_Container_Inspection_Costs_Esta

blished

xiii World Economic Forum. (2014). The Global Enabling Trade Report. Retrieved from

http://www3.weforum.org/docs/WEF_GlobalEnablingTrade_Report_2014.pdf



Date post:	06-Apr-2016
Category:	Documents
Upload:	exporttltd
View:	231 times
Download:	1 times

Panama Market Guide 2014

Documents