Essay about The Panama Colon Free Zone

Essay about The Panama Colon Free Zone

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The Panama Colon Free Zone, considered to be the second most astronomically immense free zone in the world, dedicated to re-exporting a wide variety of merchandise to Latin America and the Caribbean have experienced a tremendous magnification in the last years, contributing highly to Panamas economy. Panama´s free trade zone has been the base of the country´s economic policy for many years. Free trade zones promote the intense economic growth in a certain area by creating a liberalized trade regime. Panama has increase 20% per year in incomes due to the Free Zone of Colon that generates more than two billion dollars each year. Colon free zone contributes 7.4% of Panama's total GDP; engendering around 27,347 permanent employments. (Economy Watch) a free zone attracts international investors because these areas are free of taxes to investors and traders. Also, this will promote domestic competition elsewhere in the country. In addition, free trade increases the mercantile activity because it allows commodity and services to export the products anywhere around the world.

Lets start with the very recent event, which has been headline for many newspapers, which is broken relationship between panama and Venezuela. The Free Zone keeps a clear operation to run out the business. In 1934, the Coalesced States engendered the free trade zone in Colon. Dr. Thomas E. Lyons wanted to expedite and embolden foreign commerce and establishing a free zone was the solution. A free trade zone is an area that eliminates the traditional trade barriers, such as tariffs, and minimizes the regulations cognate to administrative procedures. Tariff and tax mitigation is designed to lower the costs of operations engaged in international trade and thereby eng...

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...he unprotected coastline on its oceans. These things have made Panama an impeccable place for illicit drug trafficking since it offers many possibilities for traffickers to convey substances. While drug trafficking is a sizably voluminous quandary for the country and especially for the regime for the poor people these illicit business designates opportunities. In nor east part of Panama subsist a comarc called Gunayala. The Guna people do not cultivate or process drugs but they utilize their islands and territories as an opportunity. Those lands they benefit from they have utilized it for a place to obnubilate, and evade the Panamanian police. This nor east area of Panama has become a region for drug trafficking obnubilating from the ocular perceivers of the ascendant entities. Around 20 years ago, this zone became a component of the Central American drug circuit.

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