Autoparts manufactured in Nicaragua have preferential access to key markets

Nicaragua’s growth in the autoparts manufacturing industry has been stimulated by the country’s access to the key markets around the globe.
 
MANAGUA, Nicaragua - Aug. 22, 2014 - PRLog -- Nicaragua’s growth in the autoparts manufacturing industry has been stimulated by the country’s access to the key markets around the globe. Considering the different preferential agreements the country has subscribed, autoparts made in Nicaragua have access to a total of 1.5 billion people in more than 50 countries.

Nicaragua is a member of the Central American Common Market (CACM) and has free trade agreements with the European Union, Mexico, the Dominican Republic, the United States, Panama, Chile, and Taiwan, among other countries.

Also, Nicaragua is part of a Free Trade Agreement between Central America, the United States and the Dominican Republic (DR-CAFTA), which has proven to be especially significant for the autoparts manufacturing industry. The agreement stipulates that products assembled in the DR-CAFTA region can benefit from the tax-free access to the United States.

According to the National Free Zones Commission, this industry reached its highest historical figure in 2013 with US$574 million in exports, which represent 22 percent of the free zone regime’s total exports.
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