Trade facilitation remains one of the WBG's top priorities to accelerate economic recovery in Central America, Panama and the Dominican Republic.
The results of the Unleashing Central America's Growth Potential report indicate that full implementation of Trade Facilitation Agreement (TFA) commitments could reduce trade costs by 15.5% in Central America, increasing intra-regional trade by 61% and the sub-region's GDP by 4.3% by 2030. Even so, all Central American countries trade little, and the region is less integrated than might be expected given the size and proximity of the countries.
To advance the trade facilitation agenda at the highest political level, the WBG has been working with the Council of Ministers of Economic Integration (COMIECO), as well as the Secretariat for Economic Integration of Central America (SIECA), in organizing this high-level event revolving around three strategic priority areas:
i) Air Transport in the region,
ii) Expediting the passage of goods at land border crossings (advance declarations);
iii) Expediting shipments in the context of e-commerce.