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Overview: Trade Relations Between the United States and Costa Rica

Overview: Trade Relations Between the United States and Costa Rica

The United States and Costa Rica have maintained a relatively close trade relationship throughout its history. According to the Embassy of the US in Costa Rica, this relationship was born in 1851 and reinforced in 1852, when the “Treaty of Friendship, Commerce and Navigation” between both countries came into effect. Interactions between both countries cover diverse trade matters and allow them to benefit and strengthen their commercial and diplomatic relations. Costa Rica receives from the US government collaboration on mainly maritime security issues where there are joint patrol agreements and for which Costa Rica received a donation of around 40.7 million dollars in 2019. Likewise, there is mutual cooperation on environmental and conservation matters, reflected in the economic contributions called "debt swaps" through which the United States forgave Costa Rica's debt on the condition that it invest in environmental protection and conservation of tropical forests. Learn about the most important aspects of trade relations between the US and Costa Rica.  Cooperation strategy with Costa Rica The 'United States Integrated Country Strategy for Costa Rica' seeks to develop a common set of objectives in which the State Department and other US agencies, such as the United States Agency for International Development (USAID), can participate. This strategy concentrates mostly on the following aspects: “Our countries must continue to focus on the goal we have in common" Citizen security Among the donations and resources received by Costa Rica from the US in terms of security, the...

Key Business Opportunities in Uruguay

Key Business Opportunities in Uruguay

Due to Uruguay's social and political stability, the country is positioned as a safe and friendly economy to do business in. Likewise, Uruguay's inhabitants enjoy a high level of equality and it's Per Capita Income (PCI) is relatively high compared to other Latin American nations. The country has also made important progress in tax regulations that have stimulated foreign investment over the last decade. Learn about the business opportunities in Uruguay and why the fastest-growing economy in Latin America can be your next business destination. Trade agreements stimulate Uruguay's business opportunities Uruguay is an official member of Mercosur and The Andean Community of Nations Foreign executives expanding in Latin America must take advantage of business opportunities in Uruguay driven by trade agreements with other major economies in the region. Trade agreements are essential to foreign companies as they stimulate favourable trading conditions, businesses expansion and decrease unemployment rates. Likewise, members have a greater incentive to do business and invest in new markets. Uruguay is an official member of multiple trade agreements, including Mercosur and The Andean Community of Nations. Mercosur Uruguay is considered as a regional hub with a strategic location to access other economies in South America, supported by its membership to Mercosur. The Southern common market known as Mercosur was founded in 1991 by Argentina, Brazil, Paraguay, Uruguay and Venezuela. This trade bloc seeks to create a free trade environment, stimulate investments and the fluid...

What is the Nature of Canada-Latin America Relations?

What is the Nature of Canada-Latin America Relations?

Canadian companies looking to expanding their businesses should consider the opportunities available to them through strengthening Canada-Latin America relations. This means they ought to think about the commercial and bilateral trade and opportunities and agreements granted by the developing relationships between Canada and key Latin American markets. Canada-Latin America trade relations have been interlocked for many years and continue to promote and support each other in economic, social and political endeavours. Free Trade Agreements (FTAs) have allowed the globalized north and south to strengthen their access to each other’s markets abroad and important benefits. BizLatin Hub provides an extensive comprehension of commercial and trade relations between Canada and Latin America. Continue reading to understand further about how BizLatin Hub can help your business expand into Canada or Latin America. The core of Canada-Latin America trade and commercial relations  NAFTA has enabled Canada to sign trade agreements with nations in the region. The foundations for trade and commercial relations between Canada and Latin America were laid down for hundreds of years. However, these relations intensified when the North America Free Trade Agreement was signed in 1992 and then later came into force in 1994. The North American Free Trade Agreement (NAFTA) links Canada’s economy to the rest of the Americas like never before.  NAFTA is defined as a free-trade region between the United States, Latin America, and Canada. The establishment of NAFTA has enabled Canada to sign trade...

Overview of Import and Export Regulations in Bolivia

Overview of Import and Export Regulations in Bolivia

When your business expands, you may consider importing and exporting goods as the next step. Bolivia is a resource rich country, benefitting from its geographical location within the Andean Community. Its gross domestic product (GDP) was US$39 billion in 2019 according to the World Bank. Before expanding, understanding import and export regulations in Bolivia is necessary to ensure legal compliance and positive economic returns. Bolivia’s economy has been growing in the last few years, mainly due to its exports of commodities such as natural gas, silver, zinc and soy. Another important sector is the manufacturing industry which corresponds to 14-15% of Bolivia’s gross domestic product annually. Imports and exports in Bolivia Bolivia has signed regional, sub-regional and bilateral trade agreements with the goal of opening the country to foreign investors. These agreements create new and favourable regional import and export regulations for Bolivia, making it more investor friendly. Bolivia's exports represent 26% of its GDP and imports represent 31.1%. This legal framework sparks the interest of new investors to Bolivia, a country with manageable risk levels. According to the World Integrated Trade Solution, Bolivia's openness to foreign trade generates export volumes that represent 26% of its GDP and imports representing 31.1% of its GDP. Major Bolivian exports are petroleum gas and other gaseous hydrocarbons (US$2.59 billion); zinc ores and concentrates (US$1.34 billion); gold, including gold plated with platinum, in bulk, semi-manufactured or in powdered form (US$1.04...

Trade and Business Development in the Andean Community of Nations

Trade and Business Development in the Andean Community of Nations

Follow important business development in the Andean Community of Nations to understand the future of trade access in Latin America. As a company looking to expand into Latin America, consider the opportunities generated by powerful regional trade agreements, and how your business operating within Latin America can access important consumer markets abroad. Nine countries in Latin America are part of the Andean Community. It is important to know about business opportunities this great trade alliance has to offer exporters and importers in Latin America. Gain more insight into this regional trade environment that is growing quietly at a rapid pace. What is the Andean Community of Nations? The Andean Community of Nations aims at improving the standard of living of the countries’ populations through regional integration and economic and social corporation. On May 26, 1969, five South American countries (Bolivia, Colombia, Chile, Ecuador, and Peru) signed the Cartagena Agreement, an agreement aimed at improving the standard of living of the countries’ populations through regional integration and economic and social corporation. The Cartagena Agreement eventually formed the Andean Community of Nations (Comunidad Andina).The Andean Community of Nations is a regional bloc, made up of these 5 countries, that intends to stimulate industrial, agricultural, social, and trade development, through greater regional integration. In a collaboration agreement with Mercosur, the Andean Community added four new partner members: Brazil, Paraguay, Argentina, and Uruguay. These four...

Overview of Paraguay’s Trade Agreements

Overview of Paraguay’s Trade Agreements

Paraguay’s trade agreements are boosting preferential trade access for importers and exports in the country and wider region.  Paraguay, as a landlocked country between Argentina, Brazil, and Bolivia, has an average GDP growth of 4.8% over the last decade. Despite the diminutive size of Paraguay - less than twice the area of São Paulo, Brazil - it is becoming an attractive destination for foreign investors rapidly.  Paraguay diversified its business and gambled on low import tariffs and low labor costs. This makes the nation a perfect location for any entrepreneur interested in entering the South American commercial environment. Paraguay has several trade agreements which give them a great benefit over other countries. The country has been growing quietly at a rapid pace, and forming new ties.  Free trade Agreements in Paraguay: MERCOSUR MERCOSUR is the world's third-largest integrated market and is the most important trade group Paraguay is part of. Paraguay is one of the original members of the MERCOSUR trade group, also known as the Southern Common Market. Other full members are Argentina, Brazil, and Uruguay. MERCOSUR is the world's third-largest integrated market and is the most important trade group Paraguay is part of.  Mercosur’s main objective is to increase the efficiency and competitiveness of all member economies by opening markets, promoting economic development in the framework of a globalized world, improving infrastructure and communications, making better use of available resources, preserving the environment, generating industrial...

What are the Trade Agreements in Bolivia?

What are the Trade Agreements in Bolivia?

Bolivia’s trade environment is open to many countries; the nation’s economy strongly depends on international trade. Its trade to GDP ratio rose to 56.7% in 2017. This is an indicator that calculates the relative importance of international trade in the economy of a country.For 6 years, between 2013-2018, Bolivia has been growing at an average annual rate of 5.1%. However, factors such as structural problems have caused issues to its trade and commercial environment. Despite growing pains associated with opening up the economy to new investment, Bolivia continues to attract business from foreign companies and develop international connections. As a company looking to expand into Latin America, consider the opportunities generated by trade agreements in Bolivia, and how your business operating within the country can access important consumer markets abroad. Overview: trade agreements in Bolivia Bolivia is a member of various trade agreements that help it to stimulate the business and economic growth of the country. World Trade Organization The goal of the WTO is to help countries enhance their export and import activities in order to conduct increased trade abroad. The World Trade Organization (WTO) is the world’s largest trade organization. Bolivia has been a member of WTO since it was created in January 1995. The World Trade Organization is a global international organization that deals with the rules and organization between countries. The goal of the WTO is to help countries enhance their export and import activities in order to conduct increased trade abroad. The WTO...

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