Final stage of the Northern Triangle Customs Union

By Mayora IP

Guatemala, El Salvador and Honduras are working on a number of technical issues, such as how to harmonize their customs procedures, to conclude their customs union. They are also working on a plan to phase out tariffs on the remaining 1% of goods that are not currently covered by the agreement.

The final stage of the customs union is expected to be completed in 2024. Once the final stage is completed, the three countries will have a fully integrated customs union. This will mean that goods can move freely between the three countries without having to go through customs inspection.

Some of the technical issues that the three countries are still working on are:

-Harmonizing their customs procedures: This means making sure that the way they process customs declarations and payments is the same.

-Phasing out tariffs on the remaining 1% of goods: This will require the three countries to agree on a timeline for phasing out the tariffs.

-Establishing a common customs code: This will mean creating a single set of rules that govern customs procedures in the three countries.

The three countries are also working on a plan to promote trade and investment in the region. This plan includes measures such as simplifying customs procedures, improving infrastructure, and providing training to businesses.

The customs union between Guatemala, El Salvador and Honduras is a trade agreement that was formed in 2017. The agreement eliminates tariffs and quotas on goods traded between the three countries, and it also establishes a single customs territory.

The customs union has had a number of positive effects on trade between the three countries. It has reduced the time and cost of transporting goods, and it has also increased the volume of trade. The customs union has also helped to attract investment to the region.

Overall, the agreement is an important step towards economic integration in Central America. It has the potential to boost trade and investment in the region, and it can also help to attract foreign investment.