Guatemala Interoceanic Corridor launches tokenization in El Salvador

El Salvador signed an agreement this week that provides preferential conditions for the export of Salvadoran products to the United States.

This is the first Reciprocal Trade Agreement in the Western Hemisphere, which formalizes the elimination of the generalized 10% tariff that the North American nation established last year on products it buys from abroad.

Given the announcement, the Exporters Corporation of El Salvador (Coexport) highlighted the Government’s performance in achieving this type of approach that favors the economic development of the country.

“We congratulate the Government of El Salvador, led by President Nayib Bukele, for the signing of the first Reciprocal Trade Agreement in the Western Hemisphere, which represents an advance of high strategic value for the strengthening of bilateral trade and the competitiveness of the export sector,” said the president of the union, Silvia Cuéllar.

«This is a reflection of an excellent relationship between El Salvador and the United States. […] The United States is our main export partner, almost 80% are textile exports, the rest are food, pharmaceuticals, various manufacturing, packaging, among others,” he added.

In this sense, he pointed out that this good news encourages the Salvadoran productive sector to increase efforts and expand the penetration of Salvadoran products in the US market. He also pointed out that the competitive position in which this agreement places El Salvador could be a watershed for receiving more investments.

For its part, the Chamber of Commerce and Industry of El Salvador (Camarasal) agreed that the official alliance will improve access conditions to the US market and significantly reduce trade barriers.

“At Camarasal we recognize that this agreement strengthens El Salvador’s position as a reliable and dynamic trade partner, contributing to the promotion of economic growth and job creation,” he announced in a press release.

Coincidentally, the American Chamber of Commerce of El Salvador (AmCham) also highlighted that this news generates greater opportunities for growth and development for El Salvador. A similar message was issued by the Chamber of the Textile and Clothing Industry of El Salvador (Camtex), which highlighted that the agreement generates competitiveness for national companies compared to other countries.

The business groups indicated that they are willing to continue working in a coordinated manner with government authorities to maximize the benefits of this agreement and contribute to sustainable development.

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