News
Customs Union is Essential
Source: prensalibre.com
Monday, July 26, 2010
The cost of customs procedures adds up to 40% to the price of products traded between countries in the region.
The isthmus is the natural destination for the region’s export producers and a large part of the countries’ economic development depends on the 40 million people that inhabit Central America, forming a unified marketplace.
In addition to customs union, the head of the Secretariat for Central American Economic Integration (SIECA), Yolanda Mayora, highlighted the importance of security costs in intraregional commerce, which according to the World Bank make up 3.7% of the final price.
In Prensalibre.com, Mayora is reported as saying that customs union will “double or triple the opportunities available to small and medium sized businesses”.