Formed by the countries of El Salvador, Guatemala and Honduras, in order to facilitate trade, free transit of people and investment in the region.
The waiting time at customs will be considerably reduced; creating a more competitive region for producers and comparators who invest in Central America.
A system called “Invoice and Single Central American Declaration” (FYDUCA) is being implemented. It is the new document in the process that registers free movement of goods and cross-border trade.
The Central Banks enter into agreements with the Secretariat for Central American Economic Integration (SIECA) to establish a link and reflect the real trade.
Likewise, officials of the Central American Integration System (SICA) are advising the negotiation processes.
With the customs union, it will help to establish a productive integration of the common market, generating economically new opportunities within the Latin American market. Delays and bureaucratic procedures in border trade are also eliminated. Entrepreneurs will have less costs in transport and merchandise trade between neighboring countries, which should improve their profitability. The intention is to provide greater regional production and trade.
Creating an economy without obstacles, the three countries materialize the commitments assumed when they signed the Agreement on Trade Facilitation, promoted by the World Trade Organization.
Regional trade will be strengthened, in the process of becoming the eighth largest economy in Latin America…