Panama Investor Blog

Panama's Balboa Port ready for a US$110 Million Expansion

The Panama Balboa Port is home to the PPC (Panama Ports Company), which is part of a huge conglomerate named Hutchinson Whampoa, based out of Hong-Kong. This company is ready for a great investment in expansion and renewal of its port and equipment said to take place in 2015, with a budget of $110,000,000.00 Dollars.

Aitor Ibarreche, Hutchison Whampoa's CEO made this announcement and said the investment will boost its capacity by 11%  up to 5M TEU ( twenty-foot equivalent unit) by adding loading and unloading spaces. Also the Pacific Port's crane zone with now be wired and using electricity instead of burning fuel, a great plus for saving on the long run.

There is no doubt that this investment and expansion is designed so that the port can be ready for the new locks of the Canal expansion. This project is said to be delivered by early 2016, and so will this expansion. Since the Balboa Port is #45 largest in the world, also Panama's 2nd largest one, it makes sense to improve and justify such an investment. 

Electrical interface: It is expected that Panama and Colombia will be connected by 2018

By 2018 it is expected that Panama and Colombia are connected by electrical interconnection, so said the president of Colombia, Juan Manuel Santos.

Santos told reporters said some studies for the interconnection will be in October this year. "The timeline presented to us is that some studies will take a year, then the construction process and implemented, so we hope that in 2018 we have connected to Panama and Colombia will be in October," he said.

 

For his part, President Juan Carlos Varela Varela said that coordination with security agencies of both countries plan to provide security to the construction site of this important project, as well as near the inhabited areas.

The project involves the construction and operation of a transmission line to direct current electric power with a 300 to 400 megawatts and a length of 590 kilometers, of which 310 are developed in Colombia and the rest in Panama.

Other topics addressed by the leaders was boarder security, tourism promotion and cooperation on trade and investment.  

For sightseeing, the two countries agreed through increased connectivity of several cities in Colombia to Panama by air, especially at the airport in Rio Hato, to 120.7 kilometers west of Panama City, and by sea between the cities of Cartagena and Colon.

Pigs get FTA fast track for South Korea

Usually when we think of pork and politics we think of excess spending on pet projects by various politicians in Washington, but pork takes on a whole new meaning when it comes to an FTA with South Korea.

I was surprised to learn from a rather obscure sourse, porkmag.com, that the main issue in the approval for the FTA between the U.S. and S. Korea is because of pork Exports from the U.S.. According to this article S. Korea represents about 5% of the entire U.S. prok production which is  about 600,000 metric tons of pig meat over the 10 year phase in period. This also represents 70,000 U.S. jobs as well. Soooo, if Panama were to import a whole bunch of pork from the U.S. they too would be fast tracked for an FTA and they would not have needed to sign any tax information exchange agreement.

From porkmag.com

Pointing out that exports are critical to the continued viability of the U.S. pork industry, the National Pork Producers Council praised President Obama for urging Congress to approve "as soon as possible" the U.S.-South Korea Free Trade Agreement, which will boost U.S. pork exports to the Asian nation significantly.

In Tuesday night’s State of the Union address, the president touted the agreement as one that will support “at least 70,000 American jobs.” He pointed out that the deal has “unprecedented” support from business and labor and from both political parties.

“U.S. pork producers are extremely pleased that the president has made passage of the U.S.-South Korea FTA a top priority,” said Sam Carney, NPPC president, a producer from Adair, Iowa. “Our industry depends on exports – last year 20 percent of our production was exported – and free trade agreements are how we increase them. And more exports means more profits and more jobs.

“Like the president, we urge congressional lawmakers to pass this trade deal as soon as possible,” Carney added.

The U.S.-South Korea FTA, which also must be approved by the South Korean National Assembly, would be one of the most lucrative for the U.S. pork industry, according to NPPC, which has championed the pact for more than three years now.

According to Iowa State University economist Dermot Hayes, by the end of the FTA’s 10-year phase-in period, total U.S. pork exports to South Korea will be almost 600,000 metric tons. That represents nearly twice the current U.S. export level to Japan – now the top value market for the U.S pork industry. The FTA will lift live hog prices by $10 per animal and will generate an additional $687 million in U.S. pork exports. South Korea alone will absorb 5 percent of total U.S. pork production, and the FTA will create more than 9,000 new direct jobs in the U.S. pork industry.

The U.S.-South Korea FTA is one of three trade deals that are pending approval by Congress. Agreements with Colombia and Panama also have been awaiting action for more than three years.

President Obama last night said he would “keep faith with American workers, and promote American jobs” in pursing trade deals with Colombia and Panama.

NPPC is urging the administration to work with Congress to approve the Colombia and Panama FTAs, too.

Source

And here is more on the stalled Panama agrement

 

S. Korea to get FTA but not Panama

Reuters anounced today that President Obama is calling for congress to approve the trade agreement with S. Korea, but Panama and Columbia will just have to wait until they get their act together. Seems democrats don't believe Panama is "clean" enough.

"The other deals have been delayed by concerns among Democrats about human rights in Colombia and tax haven laws in Panama."

Hmmm, isn't that the reason Panama just signed the tax exchange agreement with the U.S.? Either Obama is not fully aware of the "deal" or they want even more from this little soveriegn nation. In any case, many hope all parties  continue to hold out as the assembly will surely not ratify the tax exchange agreement without a free trade deal.

 

By Doug Palmer

WASHINGTON | Wed Jan 26, 2011 11:07am EST

WASHINGTON (Reuters) - President Barack Obama on Tuesday called on Congress to pass a free trade agreement with South Korea "as soon as possible," but offered no timetable for action on two other pacts with Panama and Colombia.

The South Korea "agreement has unprecedented support from business and labor, Democrats and Republicans, and I ask this Congress to pass it as soon as possible," Obama said in his annual State of the Union speech.

But the failure to set any time frame for enacting the other two deals was a disappointment for Republicans, who want prompt action on all the trade agreements left over from the administration of former President George W. Bush.

"I strongly believe that we should consider all three agreements in the next six months," House of Representatives Ways and Means Committee Chairman Dave Camp said earlier on Tuesday at a hearing on the pacts.

"This deadline isn't driven by politics or posturing. It is driven by the need to create jobs for American workers," the Michigan Republican said, calling the three pacts "a sure-fire way to create American jobs by growing U.S. exports."

A range of U.S. companies and industry groups have spoken out in support of the South Korea deal, including the United Auto Workers union and Ford Motor Co., which welcomed changes made to address their concerns about market access provisions of the original deal.

The National Association of Manufacturers, the American Farm Bureau Federation, Ford Motor Co, FedEx and MetLife have all testified in support of the pacts.

read the rest at Reuters

White House Offers ‘Ridiculous’ FTA Excuse

Remember that Panama has signed the tax exchange agreement with the U.S. in "hopes" that they will get the free trade agreement, but it looks as though this was just a carrot dangled and may not accomplish the desired results. From the Enterprise blog:

In a hard-hitting editorial, the Washington Post derided the Obama administration’s “equivocation” over the pending Colombia and Panama free trade agreements (FTAs). It quoted White House Spokesman Robert Gibbs as claiming that the reason the president won’t be sending up the FTAs any time soon is that (even in the new Republican-controlled House in the next Congress) “they don’t command majority support.”

The Post is too polite to say it, but Gibbs’ statement is patently false and a cynically deceptive explanation. During and since the 1990s (even with Bill Clinton, whom they detested as president) between two-thirds and three-quarters of House Republicans could be counted as supporting new FTAs. In the new Congress, incoming Republican Ways and Means Committee trade leaders, Representatives Dave Camp (R-Michigan), and Kevin Brady (R-Texas) have vowed to move all three pending agreements—Korea, Colombia and Panama.

Doubters regarding the votes for Panama and Colombia refer vaguely to alleged anti-globalization, anti-trade attitudes of the incoming Tea Party freshmen.  No doubt a few new Republicans will be trade skeptics, though more from their geographic base (Southern districts still dependent on textile manufacturing) than from Tea Party dogma. Ways and Means Committee Chairman Camp stated recently, however, that he had canvassed a number of these freshmen and had found no large-scale animus against trade.

Interestingly, also, out of nowhere, in her letter to Republican freshmen, Sarah Palin not only espoused free trade as a principle but also urged the new congressmen to support all three pending FTAs.

With a 242 majority, House Republicans could drop 20 or so votes from their caucus and still prevail on the FTAs, and this doesn’t count the remaining members of the New Democratic Coalition, who have expressed support for the agreements (the NDC lost 20 of 70 signed-up members).

The bottom line is that no one can force the president to send the two FTAs for a congressional vote—but the administration should not be allowed to hide behind a trumped-up, “ridiculous” excuse.

Canal key to Canada's Panama relationship

This article from NationalPost.com tells us why Canada values the FTA they have recently signed with Panama and it's not the rather meager $91 million in exports they made here last year.

Paul Vieira, Financial Post · Tuesday, Oct. 19, 2010

It's easy to brush off or ignore the federal government's attempt to play up the virtues of its recently negotiated free-trade deal with Panama. The country has a GDP of $28.2-billion, which pales in comparison with Canada's $1.5-trillion economy, and exports to Panama were a rather meagre $91-million last year.

But rather than focus on the country's size, focus on the crucial piece of infrastructure in that Central American country -- the Panama Canal. Experts tout the supertankers coming from China that will have to pass through a bigger and refurbished canal set to open in 2014 to drop off goods to the U.S. ports on the Gulf and Atlantic coasts.

"The way Asian trade had been growing, and will resume growing once we get a recovery with momentum, is going to overwhelm existing Pacific ports. That's why the Panama Canal activity is so important," said Peter Hall, chief economist at Export Development Canada. "The very presence of that trade flowing through creates the need for logistics [and infrastructure] for the region."

Panama is the key country in the trading bloc known as the Central American and Caribbean region, or CAC. This part of the world is small, but its economies are indeed growing, and are expected to advance at a slightly faster pace than many of the advanced economies in the years ahead.

There are advantages for Canadian companies in this region, as the countries are relatively easy to get to and they are in same time zone. And at least when it comes to most of the Caribbean, language is not a barrier as English is widely spoken or understood -- leading some companies to eye the area as a possible location for call centres or other back-office operations. Canadian banks have invested heavily in the Caribbean, and mining companies are also active in the region.

In its recent global outlook, the International Monetary Fund envisaged 3.1%growth for Central America this year and 3.7% in 2011 (which is above the 2.2% average growth anticipated in 2011 from major advanced economies). For the Caribbean -- which like Canada is tied to the ups and downs of the U.S. market -- growth for the various countries is set to come in at 2.4% in 2010 but a stronger 4.3%in 2011.

Of course, there is a downside, as the IMF duly noted. "Central American and Caribbean regions, with their dependence on tourism and remittance flows from the United States, will be more vulnerable than others to weak U.S. economic conditions."

The ties can't be too close, though. For instance, the Dominican Republic posted growth of 3.5% in 2009, the same year advanced economies sank as a result of the recession. Economists at Scotia Capital expect the Spanishspeaking state to expand 4.3% on average this year and next.

"Domestic demand, the major growth driver, will continue to be propelled by investment spending while consumers' prospects remain supported by better access to credit and a minor downtrend in unemployment," Scotia Capital said in a report last month.

Experts say Canadian companies shouldn't look to the CAC region for results now, but in the future -- especially toward the middle of the decade, when the $5.3-billion expansion to the Panama Canal is set to be finished. Once completed, the revamped Panama Canal would be able to accommodate larger tankers, while the opening of a third set of locks would boost cargo flow by an estimated 35% through 2025.

It's not as if Canadian investors have ignored the area. Exports to the CAC region grew on average by 10% per year from 2001 through 2008, when shipments topped $2.3-billion. The bulk of exports are primary products, such as commodities, but high value-added products -- such as medical equipment and engine turbines -- make up 21% of the top 25 Canadian goods shipped to the region.

Mr. Hall said exports did take a sharp hit in 2009, but they appear to have benefited from the global rebound earlier this year, and are expected to do well as the world economy recovers.

Of course, increased Canadian involvement in the CAC would please the federal Conservative government. Since coming to power, it has pushed an aggressive trade agenda in the Americas. And at present, Canada is negotiating a trade agreement with the so -called Caribbean Community, or CARICOM.

[email protected]

Read more: http://www.nationalpost.com/Canal+Canada+Panama+relationship/3691729/story.html#ixzz12qu74aCe

S. Korea's veiw on Panama

I found this to be an interesting article from the Korea Herald about the relationship between Panama and the government of South Korea. Besides the fact that things are hunky-dory, a number of interesting statistics come to light.

Panama aims to be center for Americas

2010-08-22 17:47

One of the first things noticed during the recent meeting of the leaders of Panama and Korea was their compatibility that soon grew to a friendship based on mutual interests.

Both President Lee Myung-bak and Panamanian President Ricardo Martinelli are from the private sector, which gives them a certain expertise in advancing the business activities of the two countries. After all, what’s good for business is good for both nations.This mutual respect has propelled the relationship of the two countries into a sphere that has never been seen before in the 48 years of formal ties between Panama and South Korea.

But that is just the tip of the iceberg because sometime this fall, the Panamanian leader will return Lee’s visit with a three-day stint in Seoul. “I think relations between both countries are waking up,” said Panama Ambassador Jaime Lasso Del Castillo to The Korea Herald.

First and foremost for both countries is trade and that famous and important lifeline known as the Panama Canal. Panama is the third destination for Korean exports to the area and the Central American country has the second largest free economic zone in the world after Hong Kong.

“This means all Korean goods come to Panama and then are exported to other parts of Latin America,” he said. The canal, which connects the Atlantic Ocean with the Pacific Ocean, is an engineering marvel that is currently going through a $6 billion facelift. Upon its completion in 2014, the Panama Canal will be able to handle supertankers and the largest of the modern container ships including United States navy supercarriers.

The biggest part of the embassy’s business in Korea is taking care of everything that has to do with the shipping industry and the canal. Sure there is trade, investment and every other gamut of diplomatic promotion, but over all, shipping takes up most of the time of the eight-member staff at the embassy.

“We mostly conduct registration for the flags of convenience,” he said. “That’s business because every merchant ship in the world has to have a convenience flag. Out of all countries using the Panama Canal, Korea ranks fifth and the Panamanian Embassy in Seoul handles about 600-700 ships navigating the world’s waters.

“We handle 20 percent of the world’s market, which adds up to about 10,000 merchant marine ships,” he said. Korean firms are also interested in Panama’s mining sector, particularly copper, where Korean companies have been focusing their new mining exploration businesses in Mexico, Peru and Panama.

The free trade agreement is also an important part of the future of both countries.  “The FTA is a good instrument because you can regulate many different items,” Lasso said. He added that in the agricultural sector, there are virtually no conflicting items except for beef, but by the looks of things, Panamanian beef might not hit these shores for a long time.

Panama has been in talks with the local authorities concerning beef imports, but in the last five years the process has only moved up three steps out of an eight step certification process. Lasso would also like to see direct flights starting to operate for the sake of using Panama as a hub. “Panama is already a hub for connections from many countries, not only international flights, but also telephone and Internet,” he said.

In the coming weeks, both countries will move further in dealing with the double-taxation issue with the goal of signing a treaty during the Panamanian president’s visit.

Also discussed will be the issue of e-government. “Korea is very good at it and it’s something we want to achieve. I believe Korea can help us achieve our goals in this regard,” Lasso said.

Concerning the Central America Integration system -- an economic, cultural and political organization of Central American states -- their main goal nowadays is getting all their eggs in one basket to further the trade between themselves and the rest of the world. 

By Yoav Cerralbo ([email protected])

Martinelli lashes out at Obama

I posted an editorial earlier this week from President Martinelli expounding on how much Panama and U.S.A. have in common and why the free trade agreement should move forward. I took this as his last push to make it happen. Now comes this report from Eric Jackson's Panama News on Martinelli lashing out at Obama for continued delays and continuing to use the banking issue as the major stumbling block. Eric reports "The strains between Martinelli and Obama have been ever more evident in recent weeks, in particular by the Martinelli administration's decision to hire Republican lobbyists and speechwriters --- people like George W. Bush's speechwriter Terry Holt. The move, made before the passage of the Democrats' health insurance reform bill, suggests that Martinelli has either bet on the Republicans winning control over the US Congress in November or that for ideological reasons he's siding with the right regardless of the diplomatic consequences."

Knowing Martinelli, I can say he has hired Republican speech writers because they are more in line with his political philosophy.  Eric goes on to say "Although key members of Congress demand an end to Panamanian banking and corporate secrecy, which they say assists tax evasion and the laundering of the proceeds of organized crime, Martinelli asserted that a series of agreements to avoid double taxation of income ought to address those concerns."

Martinelli's team has been working fast an furious at getting double taxation agreements with various states around the world and about once a month a new agreement is announced. But the Obama administration wants more than that. They really want  automatic tax and financial information exchange. "Tax information exchange" is generally understood to mean negotiating and signing bilateral treaties between nations providing a specific method to be followed when one nation formally asks another nation for financial information about one of their citizens. Such requests are governed in each case by the specific terms of the bilateral treaty. Martinelli is attempting to comply by the letter and it is just not good enough for the Obama Administration.

At the economic forum in Cartegena Colombia Martinelli complained, "In Latin America we love the United States very much, but the United States has forgotten us --- who knows the dynamics of their domestic politics? --- as he always has forgotten his younger brother in the back yard,"

On CNN's Spanish-language network, Martinelli advised that "Obama should change his attitude." He said that he's "not going to lose more time" with the US-Panama free trade pact, which was signed in 2007 but has not been ratified by the US Congress. "The treaty favors the United States more than it favors Panama," Martinelli said, the failure to ratify it "disenchants US investors" thinking about doing business in Panama.

I believe Martinelli is wrong in his belief that a FTA with the US would attract more foreign direct investment and he is right when he says "The treaty favors the United States more than it favors Panama". Panama will do much better without a trading partner who makes unreasonable demands on this small sovereign nation. I hope he sticks to his guns because now he is on the right track IMO.

President Martinelli lobby's the U.S. for free trade

Panama president Ricardo Martinelli has written an editorial piece for The Hill, a Washington news source. He expounds on our similarities and the benefits that will arise from a trade pact between the U.S. and Panama.

I see the trade agreement as a two edged sword. Panama wants the benefits of additional trade it believes will develop, but for the U.S. an agreement represents in trade just a few hours of their yearly GDP. I believe the U.S. only wants the agreement in order to foist its agenda on Panama. Many of the recent reforms that have taken place have been to placate the U.S.. As we see the U.S. using strong arm tactics against foreign banks to disclose information on U.S. citizens with accounts, it is clear that a trade agreement will make it even easier for the U.S. to apply pressure to its "partner". Do this or we will pull out of our trade agreement. What leverage does Panama have in this partnership? I am beginning to question the real benefits Panama will see from an agreement with the U.S..

Pact between U.S., Panama will further strengthen nations’ ties

Last week in a speech before the U.S. Export-Import Bank’s Annual Conference, President Barack Obama made impassioned remarks about the vital role of trade in growing economic opportunity and international cooperation. I share his support for this vital principle, as do members of both political parties in Congress. However, many critics insist on perpetuating a misperception that could actually serve as a barrier to living up to that principle. Some have argued recently, including in this newspaper, that pending trade deals like the current U.S.-Panama Trade Promotion Agreement do not uphold U.S. values, which has delayed U.S. ratification of these agreements. Since Panama has already ratified the trade agreement we signed with the U.S., the implication is that a significant difference exists in the values our two countries embrace.

 As president of the Republic of Panama, I believe our country shows a daily commitment to a common set of values with the U.S. — democracy, economic opportunity and free trade. What we are seeking is a partner willing to demonstrate a commitment to us in return.

 One way we prove our commitment to these shared values is by shouldering much of the burden of addressing the threats that menace them in our hemisphere.

 Our common interests are at risk from many of the same dangers — political instability, North America-bound narco-trafficking and the broader perils of widespread poverty — but Panama has to confront them directly whereas the U.S. has the respite of distance.

 We are undertaking a significant effort on our own to strengthen our economy, creating good jobs for Panamanians while offering our trading partners a greater return on their commitment to our country and our people.

 Our efforts include reforming our tax code to help international companies support employees in Panama. We’re also modernizing immigration laws to establish a business-friendly visa regime that accommodates the travel demands of international commerce in the 21st century. Finally, we are creating an ambitious nationwide wireless broadband capability, providing access to high-speed Wi-Fi in all public buildings by April of this year.

 This concentration on making Panama open for business includes a dramatic expansion of the Panama Canal.  Adding a new channel to the canal to accommodate the largest and most modern cargo ships will facilitate expanded global trade and mean significant new opportunities for U.S. ports.

 These actions clearly demonstrate Panama’s commitment to a set of common values with the U.S. Unfortunately that commitment has been met so far by an unwillingness to act on one of the most significant, and mutually beneficial, elements of our partnership: the U.S.-Panama Trade Promotion Agreement.

 Rather than highlighting a difference in values, the agreement our two countries negotiated, signed, and which our country ratified, is a practical application of the values we both profess to share. The U.S. should ratify it immediately so both countries can begin to enjoy the benefits of increased trade that President Obama has broadly described.

 I know there are some in the United States who still have concerns about this agreement. I respect their views because Panama also did not get everything we wanted. But the Trade Promotion Agreement should be the beginning of a new phase in our economic relationship rather than the end.

 Upon U.S. ratification of TPA, our two nations should also immediately begin working together on additional negotiations to identify new opportunities for combined job creation and economic growth. These talks would be a useful venue to continue work on those issues still outstanding from our original TPA negotiations.

 Because of the values we share, and our deep appreciation for the United States, Panama continues to be a long-standing ally of the U.S. in Latin America. Approving the U.S.-Panama Free Trade Agreement will further strengthen the relationship between our two countries, offering the benefits of jobs and economic growth that both countries want.

Martinelli is the president of the Republic of Panama.

Panama suffers FTA setback at the hands of a "Tax Evader"

It seems the on again off again FTA agreement is still being hung up by the same old same old. The Chairman of the house ways and means committee, the infamous Charlie the tax cheat Rangle, says Panama must do more in the areas of labor and banking transparency.  I doubt if the labor changes he wants are those we harp about on this blog as much as they are to strengthen unions and provide more control by the state. His continuing to carp at the banking industry seems disingenuous considering he is under investigation for cheating on his taxes.  Just one of his lack of reporting incidents is a high dollar rental property in Punta Cana. WJS: First he blamed his wife for the oversight because he said she was supposed to be managing the property. Then he blamed the language barrier. “Every time I thought I was getting somewhere, they’d start speaking Spanish,” Mr. Rangel explained. Equally interesting is his claim that he didn’t know that the developer of the Dominican Republic villa had converted his $52,000 mortgage to an interest-free loan in 1990. That would seem to violate House rules on gifts, which say Members may only accept loans on “terms that are generally available to the public.” Try getting an interest-free loan from your banker.

From La Prensa:

Panama has outstanding issues that must be resolved before the free trade agreement before the U.S. Congress will ratify it.

That's according to a statement made recently in a press release by Chairman of the Ways and Means Committee Charles B. That's according to a statement made recently in a press release by Chairman of the Ways and Means Committee, Charles B. Rangel, in which he mentions specific actions that the country must take, including applying International Labor Organization standards and working on bringing greater transparency to its banking industry. Rangel, In which he mentions specific actions that the country must take, including applying International Labor Organization standards and working on bringing greater transparency to its banking industry.

Rangel added that the Panamanian government and the country's ambassador to Washington, DC Federico Humbert have already been apprised of the committee's demands. Rangel added that the Panamanian government and the country's ambassador to Washington, DC Federico Humbert have already been apprise of the committee's demands. He added that he would expect Panamanian authorities to take swift action to correct these issues so as not to postpone negotiations. He added that he would expect Panamanian Authorities to take swift action to correct these issues so as not to postpone negotiations.

That news dampened some of the hope for the rapid approval of the treaty raised by the Obama administration earlier this month when it issued a report promising to deal with the agreement “relatively quickly.” Following that report, several meetings held last week between trade officials from both countries were left with the impression that Congress could ratify the treaty as early as June. That news dampened some of the hope for the rapid approval of the treaty raised by the Obama administration earlier this month when it issued a report promising to deal with the agreement "relatively quickly." Following that report, several meetings held last week between trade officials from both countries were left with the impression that Congress could ratify the treaty as early as June.

The Panamanian Minister of Trade and Industry, Gisela Porras, said she preferred to withhold comment on the issue until she knew the context in which Rangel's statements were made. The Panamanian Minister of Trade and Industry, Gisela Porras, said she preferred to withhold comment on the issue until she knew the context In which Rangel's statements were made.

Panama has often appeared on international “black lists” for its reputation as a tax haven, an issue that was discussed yesterday at the Annual Conference of Business Executives in the capital (CADE 2009). Panama has often appeared on international "black lists" for its reputation as a tax haven, an issue that was discussed yesterday at the Annual Conference of Business Executives in the capital (CADE 2009). During the conference, former deputy economy minister Domingo Latorraca referred to Rangel's statements, arguing that the country's banking industry should not be at issue in the trade talks. During the conference, former deputy economy minister Domingo Latorraca Referred to Rangel's statements, arguing that the country's banking industry should not be at issue in the trade talks.