Free Trade Agreement Panama - Israel
The Free Trade Agreement between Israel and Panama entered into force on January 2020. It provides for the full or partial border tariff elimination for most energy products, including:
- Electric motors, turbines and generators;
- Mechanical equipment including pumps, appliances, and other advanced machinery;
- Electric accumulators, transformers, capacitors, batteries;
- Motor vehicles;
- Mineral ore, slag and ash;
- Mineral fuels, oils and other products;
- Metals and their articles e.g. iron and steel;
- Semiconductors devices and photovoltaic cells;
Under the rules of origin delineated in the Agreement, goods are counted as originating from each country and thus benefitting from preferential tariff treatment:
- they are wholly produced or obtained in one of the signatory countries (applicable to minerals, raw materials, waste and scrap materials).
- they meet specific standards (applicable to manufactured goods), such as having undertaken a production process in one of the signatory countries entailing changes in HS codes, and meeting minimum regional value content (RVC) requirements
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