Guatemalan Customs Union generates praise from the United States

By Mayora IP

The Guatemala-Honduras Customs Union generated high praise United States officials, who considered the initiative as "the future of the economy for the two countries”. US Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs, Ted Mckinney, made those comments during a five-day visit to Guatemala, leading a commercial mission of 40 US businessmen.

Mckinney met privately with Guatemalan President Jimmy Morales and expressed his "complacency" for the Customs Union because he believes it is “a key factor for the country’s economy to move forward”.

The Customs Union between Guatemala and Honduras, the only one in Latin America, was launched in June 2017 and just in the second half of that year helped increased operations up to 300 percent in some border crossings like El Corinto, according to the Superintendency of Tax Administration (SAT). 

The Union allowed better traceability through the integration of computer systems, strengthen customs and tax controls are strengthened, improved joint border crossings actions and facilitate trade processes demanded in the Trade Facilitation Agreement (TFA) of the World Trade Organization (WTO).