RESTRICTED
WORLD TRADE WT/SPEC/24
10April 1996
ORGANIZATION(96-1261)
Original: Spanish
PANAMA
Schedule ofSpecific Commitments
(This Schedule isauthentic inSpanish only)
_______________
PROVISIONAL
Panama reserves therighttomodify thisoffer inthecourse ofthenegotiations.
_______________
Inconformity withparagraph 5oftheFinal Actembodying theresults oftheUruguay Round
ofMultilateral Trade Negotiations, Panama provides below itsSchedule ofFinal Commitments.
Panama,whichhasbeenacceptedasanobserverintheNegotiatingGroupsonmaritimetransport
services, basictelecommunications, financial services, andmovement ofnatural persons, willparticipate
asafullmember ofthese groups assoonasitbecomes amember oftheWTO.PANAMA -SCHEDULE OFSPECIFIC COMMITMENTSWT/SPEC/24
Page2
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
I. HORIZONTAL COMMITMENTS
ALL SECTORS Foreign natural orjuridical persons and
nationals allorpartofwhose capital isforeign
maynotacquire landsituated lessthanten(10)
kilometres from thefrontier norownership of
islands within thejurisdiction oftheRepublic.Unbound, except asindicated intheMarket
Access column.
(3)and(4)Notlessthan90% oftheordinary
workforce ofanyemployer must consist of
Panamanian workers, orforeigners witha
Panamanian spouse orwithten(10)years of
residence inthecountry. Foreign specialized
ortechnical personnel maynotexceed 15% of
thetotal workforce.
Notwithstanding, ahigher proportion offoreign
specialized ortechnical personnel maybe
permitted forafixed period oftime, on
previous recommendation oftherespective
Ministry andapproval oftheMinistry of
Labour andSocial Welfare.
Forspecific commitments bound onmode 3,it
isunderstood thatthose enterprises withfewer
than10workers arepermitted temporary entry
ofoneperson, under theconditions bound for
mode 4.
Unbound asfarasthegeographic areas
included inthePanama Canal Treaties are
concerned.PANAMA (cont'd)WT/SPEC/24
Page3Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4)Unbound, except forthemeasures
concerning thetemporary entry ofthe
following categories ofpersonnel:
(a)Sellers ofservices: persons not
established inPanama andnot
receiving remuneration from asource
situated inPanama, whoareengaged
inactivities connected withthe
representation ofsuppliers ofservices
forthepurpose ofnegotiating thesale
oftheservices ofthose suppliers.
(b)Managers, administrators and
specialists whoareemployed by
firms which supply services in
Panama through abranch, subsidiary
oraffiliate andwhohave been
previously initsemploy fornotless
thansix(6)months immediately
preceding thedateofapplication of
entry.PANAMA (cont'd)WT/SPEC/24
Page4
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
MANAGERS :Persons whooccupy the
highest position intheenterprise, direct the
management oftheenterprise oroneofits
departments orsubdivisions, supervise and
control thework ofother supervisory or
managerial staff, have theauthority tohireand
fire,andexercise discretionary authority over
thegeneral operations oftheenterprise. This
category does notinclude first-line supervisors,
unless theemployees supervised are
professionals, nordoes itinclude employees
whomainly perform functions necessary forthe
supply oftheservice.
ADMINISTRATORS :Persons whodirect the
administration oftheenterprise, establish its
goals andpolicies, have wide latitude in
decision-making andreceive onlygeneral
supervision anddirection from managers, the
Board ofDirectors orshareholders ofthe
enterprise. Administrators donotdirectly
perform functions connected withthesupply of
theenterprise 'sservices.
SPECIALISTS :Persons within an
organization whopossess theknowledge atan
advanced level ofcontinuous experience and
areinpossession ofconfidential information
about theservices, research, equipment,
techniques oradministration oftheenterprise.PANAMA (cont'd)WT/SPEC/24
Page5Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(4) Unbound forintrinsic professional
services orthose connected withthe
sectors included inthisSchedule, other
thanthose specified inSection 1.A.
PROFESSIONAL SERVICES.
1.BUSINESS SERVICES
A.PROFESSIONAL
SERVICES
(a)Legal services.
Exclusively: legal
consultancy oninternational
law(excludes Panamanian
law)andconsultancy on
lawofthejurisdiction in
which theservice supplier
isqualified asalawyer.
Does notinclude
appearance incourts or
administrative, judicial,
maritime orarbitral
authorities inPanama, nor
thedrafting oflegal
documents (part of
CPC 861).(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(b)Accounting services (1)Unbound (1)Unbound
(2)Unbound (2)UnboundPANAMA (cont'd)WT/SPEC/24
Page6
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(3)Panamanian juridical persons maymake
agreements toaddtotheir letterheads and
signs thenames offirms, corporations and
juridical ornatural foreign persons engaged
intheservices provided byaCertified
Public Accountant inhiscountry oforigin,
orininternational coordination ofthe
professional practice ofpublic accountancy.(3)None
Professional actsdemanding public
certification mayonlybeprovided by
Panamanian Certified Public Accountants.
Professional Associations areunbound.
(4)Unbound (4)Unbound
(c)Taxation services.
Exclusively: business tax
planning services
(CPC 86301)(1)None
(2)None
(3)Unbound
(4)Unbound(1)Unbound
(2)Unbound
(3)Unbound
(4)UnboundPANAMA (cont'd)WT/SPEC/24
Page7Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(d)Architectural services
(CPC 8671) including
urban planning and
landscape architectural
services (CPC 8674)(1)Unbound
(2)Unbound
(3)None, butthepersons responsible forthe
engineering andarchitectural works must
beprofessionals licensed inPanama.
Unbound forprofessional associations.(1)Unbound
(2)Unbound
(3)Unbound
(4)Thehiring offoreign professionals inthe
field ofengineering andarchitecture for
purposes limited tothatspecialization may
bepermitted, provided thattheEngineering
andArchitecture Technical Council can
show thatthere arenoPanamanian
professionals suitable forproviding such
services. Ifaforeign professional ishired
formore than12months, thehiring entity
must employ aPanamanian professional in
order thathemayreceive thetraining
necessary toenable himtoreplace the
foreigner attheendofhiscontract.
Authorizations tohireforeign specialists
forlessthan12months maynotbe
extended.(4)Unbound
(e)Engineering services
(CPC 8672) including
integrated engineering
services (CPC 8673)(1)None
(2)Unbound(1)Unbound
(2)UnboundPANAMA (cont'd)WT/SPEC/24
Page8
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(3)None, butthepersons responsible forthe
engineering andarchitectural works must
beprofessionals licensed inPanama.
Unbound forprofessional associations.(3)Unbound
(4)Thehiring offoreign professionals inthe
field ofengineering andarchitecture for
purposes limited tothatspecialization may
bepermitted, provided thattheEngineering
andArchitecture Technical Council can
show thatthere arenoPanamanian
professionals suitable forproviding such
services. Ifaforeign professional ishired
formore than12months, thehiring entity
must employ aPanamanian professional in
order thathemayreceive thetraining
necessary toenable himtoreplace the
foreigner attheendofhiscontract.
Authorizations tohireforeign specialists
forlessthan12months maynotbe
extended.(4)Unbound
B.COMPUTER AND
RELATED SERVICES
(a)Consultancy oninstallation
ofcomputer hardware
(CPC 841)(1)None
(2)None(1)None
(2)NonePANAMA (cont'd)WT/SPEC/24
Page9Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(b)Software implementation
services (CPC 842)
(c)Data processing services.
Exclusively: input
preparation services; data
processing services; [time
sharing services]
(CPC 84310, 84320,
84330)(3)None. Does notinclude retail saleof
hardware.
(4)Unbound, except asindicated inthe
horizontal commitments.(3)None. Does notinclude retail saleof
hardware.
(4)Unbound, except asindicated inthe
horizontal commitments.
(d)Data baseservices
(CPC 844)
(e)Others: Exclusively:
maintenance andrepair of
hardware (CPC 845)
E.RENTAL/LEASING
SERVICES WITHOUT
OPERATORS
(c)Leasing orrental services
concerning other means of
transport without operator.
Exclusively: rental ofcars
without driver
(CPC 94040, 94050)(1)None
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page10
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
F.OTHER BUSINESS
SERVICES
(a)Advertising services
(CPC 871)(1)None
(2)None
(3)Foreign agencies must beassociated with
national enterprises.
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(c)Management consulting
services (CPC 865)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(d)Services related to
management consulting
(CPC 866)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page11Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(f)Services incidental to
agriculture, hunting and
forestry (CPC 881).
Except services providing
agricultural machinery with
operators, harvesting and
related services, andlabour
contracting services.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(g)Services incidental to
fishing (CPC 882)(1)None
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.
(h)Services incidental to
mining (CPC 883)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page12
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(i)Services related to
manufacturing (CPC 884+
885), ex.88442)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(m)Related scientific and
technological consultancy.
1.Geological, geophysical
andother scientific
prospection services
(CPC 86751)(1)Unbound*
(2)None(1)Unbound*
(2)None
2.Underground topography
services (CPC 86752)(3)None, buttheengineers have tobe
licensed inPanama.(3)None, buttheengineers have tobe
licensed inPanama.
3.Surface topography
services (CPC 86753)(4)Unbound, except asindicated inthe
horizontal commitments.(4)Unbound, except asindicated inthe
horizontal commitments.
(r)Publishing andprinting
services. Exclusively:
publishing. (CPC 88442)
Excludes: printing(1)Unbound
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page13Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(s)Convention services
(CPC 887909)*(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
2.COMMUNICATION
SERVICES
C.Telecommunications
Value-added
telecommunications services
(CPC 7523):(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound(1)Unbound
(2)Unbound
(3)Unbound
(4)UnboundCommitments invalue-
added telecommunications
aretaken within the
following scheme:
(h)Electronic mail; (i)voice
mail; (j)on-line anddatabase
retrieval; (k)electronic data
interchange (EDI);
(l)enhanced/value-added
facsimile services (including
store andretrieve); (m)code
andprotocol conversion;
(n)on-line information and/or
dataprocessing (including
transaction processing);
(o)other.-One(1)yearafter
theWTO enters into
force forthe
Republic ofPanama,
foreign enterprises
willbeableto
provide these
services through
association withthe
national company
INTEL S.A.PANAMA (cont'd)WT/SPEC/24
Page14
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
-Five (5)years after
theWTO enters into
force forthe
Republic ofPanama,
foreign enterprises
willbeableto
provide these
services directly.
(1)None
(2)None
(3)None
(4)Unbound, except as
indicated inthe
horizontal
commitments.PANAMA (cont'd)WT/SPEC/24
Page15Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
3.CONSTRUCTION AND
RELATED
ENGINEERING
SERVICES
A.General construction work
forbuildings (CPC 512)(1)Unbound*
(2)None
(3)None, butthepersons responsible forthe
engineering andarchitectural works must
beprofessionals inthefield licensed in
Panama.
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound*
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.
B.General construction work
forcivil engineering
(CPC 513)(1)Unbound*
(2)None
(3)None, butthepersons responsible forthe
engineering andarchitectural works must
beprofessionals inthefield licensed in
Panama.
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound*
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page16
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
C.Installation andassembly
work (CPC 514and516)(1)Unbound*
(2)None
(3)None, butthepersons responsible forthe
engineering andarchitectural works must
beprofessionals inthefield licensed in
Panama.
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound*
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.
D.Building completion and
finishing work (CPC 517)(1)Unbound*
(2)None
(3)None, butthepersons responsible forthe
engineering andarchitectural works must
beprofessionals inthefield licensed in
Panama.
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound*
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page17Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
D.AUDIOVISUAL
SERVICES
(a)Motion picture andvideo
tapeproduction and
wholesale distribution
services (CPC 9611)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(b)Motion picture projection
services, and(c)radio and
television services.
Exclusively: arrangements
fortheshowing and
screening offoreign
audiovisual services,
provided thatthemedium
forshowing these services
islimited toPanamanians.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(e)Sound recording (1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page18
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
4.DISTRIBUTION
SERVICES
A.Commission agents '
services (CPC 621)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
B.Wholesale trade services
(CPC 622)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
D.Franchising (CPC 8929) (1)None, except thatservices ofthefranchise
operation provided attheretail level are
limited tocitizens ofPanama.(1)None
(2)None (2)None
(3)None, except thatservices ofthefranchise
operation provided attheretail level are
limited tocitizens ofPanama.(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page19Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
5.EDUCATIONAL
SERVICES1
A.Primary education services
(CPC 921)(1)None
(2)None
(3)Educational establishments must be
approved andinspected bytheMinistry of
Education.
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.
B.Secondary education
services (CPC 922)(1)None
(2)None
(3)Educational establishments must be
approved andinspected bytheMinistry of
Education.
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments. Inaddition,
history ofPanama andcitizenship must be
taught byPanamanians.
1National Education isapublic service. TheState mayintervene inprivate teaching establishments toensure thefulfilment ofnational andsocial objectives asregards
theeducation andintellectual, moral, civic andphysical training ofthestudents.PANAMA (cont'd)WT/SPEC/24
Page20
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
C.Higher education services
(CPC 923)2(1)None
(2)None
(3)Higher education establishments must be
approved bytheMinistry ofEducation and
inspected bytheUniversity ofPanama.
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
6.ENVIRONMENTAL
SERVICES
(d)Exclusively: cleaning
services ofexhaust gases;
noise abatement services
(CPC 94040 and94050).
Commitments willbe
limited tothefollowing
activities: implementation
andinstallation ofnewor
existing cleaning systems,
remedial, preventive and
monitoring services;
consulting services inthese
fields.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
2TheUniversity ofPanama willinspect officially approved private universities inorder toguarantee thedegrees theyaward andconfirm those offoreign universities
inthecases specified bylaw. Itauthorizes theestablishment andoperation ofprivate universities, including curricula, fees, programmes, requirements, etc.PANAMA (cont'd)WT/SPEC/24
Page21Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(e)Nature andlandscape
protection services (part of
CPC 94060) Exclusively:
services forconducting
studies ontherelation
between theenvironment
andclimate, including
services ofevaluation of
natural disaster and
reduction oftheir
consequences.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.
7.FINANCIAL SERVICES
(1)Other horizontal
commitments specific for
financial services(4)Unbound forservices sales persons,
brokers orstock agents.
A.INSURANCE AND
INSURANCE-RELATED
SERVICES
(a)Life, accident, andhealth
insurance services
(CPC 81211 and81291)(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page22
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(b)Non-life insurance services
(CPC 82192-82197)(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound
(2)Unbound
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(c)Transportation insurance (1)None, withrespect togoods exported
from Panama, from themoment theyare
outside Panamanian territory.(1)None, withrespect togoods exported
from Panama, from themoment theyare
outside Panamanian territory.
(2)Unbound (2)Unbound
(3)None (3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(4)Unbound, except asindicated inthe
horizontal commitments.
(c)Reinsurance and
retrocession (CPC 81299)(1)Inthefireinsurance context, insurance
companies maynotcede premiums for
reinsurance abroad inanamount
exceeding 50% ofthetotal premiums for
risks covered intheRepublic ofPanama.(1)None
(2)None (2)None
(3)None (3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page23Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B.BANKING AND OTHER
FINANCIAL SERVICES,
(EXCLUDING
INSURANCE,
FINANCIAL
ENTERPRISES, AND
SAVINGS AND LOAN
ASSOCIATIONS)
(v)Acceptance ofdeposits and
other repayable funds from
thepublic(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(vi) Lending ofalltypes,
including consumer credit,
mortgage credit
(excluding mortgage of
realestate located in
Panama).(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page24
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(c) Financial leasing with
option topurchase
(Exclusively: movable
goods)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(viii) Allpayment andmoney
transmission services,
including credit, charge
anddebit cards, travellers
cheques andbankers
drafts (does notinclude
local transmission
services)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(ix) Guarantees (banking
guarantees) and
commitments(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page25Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(x)Trading forownaccount
orforaccount of
customers, whether onan
exchange, inanover-the-
counter market or
otherwise, thefollowing:
(A) Money market
instruments (including
cheques, bills, certificate
ofdeposits);
(B) foreign exchange;(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)Placement inPanamanian market canonly
beprovided byPanamanians.
(4)Unbound, except asindicated inthe
horizontal commitments.
(C)derivative products
including, butnotlimited
to,futures andoptions;
(D)exchange rates andinterest
rateinstruments, including
products such asswaps
andforward rate
agreements;
(E)transferable securities;
(F)other negotiable
instruments andfinancial
assets, including bullion.PANAMA (cont'd)WT/SPEC/24
Page26
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(xi)Participation inissues of
allkinds ofsecurities,
including underwriting.
(Does notinclude agents.)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)Placement inPanamanian market canonly
beprovided byPanamanians.
(4)Unbound, except asindicated inthe
horizontal commitments.
(xii)Money broking (1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(xiii) Asset management, such
ascashorportfolio
management, allforms of
collective investment
management, pension
fund management,
custodial, depository and
trust services;(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page27Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
(xv) Provision andtransfer of
financial information, and
financial dataprocessing
andrelated software by
suppliers ofother
financial services;(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
(xvi) Advisory andother
auxiliary financial
services onallthe
activities listed in
subparagraphs (v)
through (xv)above,
including credit reference
andanalysis, investment
andportfolio research
andadvice, advice on
acquisitions andon
corporate restructuring
andstrategy.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page28
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
8.HEALTH RELATED
AND SOCIAL SERVICES
(OTHER THAN THOSE
LISTED UNDER 1.A.h-j)
A.Hospital services
(CPC 9311)(1)Unbound*
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound*
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
9.TOURISM AND
TRAVEL RELATED
SERVICES
A.Hotels (Exclusively:
CPC 6411 and6412).
Does notinclude
restaurants.(1)Unbound*
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound*
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page29Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
B.Tour operator services.
Exclusively: topromote,
organize, operate andsell
tourpackages toPanama
individuals orgroups.
(Part ofCPC 7471)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.
10.RECREATIONAL,
CULTURAL AND
SPORTING SERVICES
(other thanaudiovisual
services)
(a)Entertainment services
(including theatre, live
bands andcircus services)
(CPC 96191 and96192)(1)Unbound
(2)None
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.(1)Unbound
(2)Unbound
(3)Unbound
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page30
Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
11.TRANSPORT SERVICES
C.AIRTRANSPORT
SERVICES
(a)Maintenance andrepair of
aircraft (CPC 8868)(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.(1)None
(2)None
(3)None
(4)Unbound, except asindicated inthe
horizontal commitments.PANAMA (cont'd)WT/SPEC/24
Page31PANAMA -LIST OFARTICLE II(MFN) EXEMPTIONS
Sector andsubsector Description ofthemeasure indicating
itsinconsistency with Article IICountries towhich themeasure
appliesIntended duration Conditions creating the
need fortheexemption
Allsectors Legal agreements between countries of
theregion. Preferential treatment for
suppliers ofservices ofdifferent kinds.Guatemala, ElSalvador, Nicaragua,
Costa Rica andHondurasIndefinite Arrangements agreed in
order topromote trade in
various economic areas,
including services ofdifferent
kinds.
Allsectors Preferential treatment forsuppliers of
services authorized under thePanama
Canal TreatiesUnited States Indefinite Bilateral treaty onthe
operation ofthePanama
Canal.
Professional services Authorization toexercise aprofession
isgranted onthebasis ofreciprocityAllcountries Indefinite Lack ofreciprocity
Audiovisual services (a)Ibero-American Cinematographic
Integration Agreement. Free
movement ofnatural persons. The
showing ofIbero-American
cinematographic works facilitated inthe
signatory countries (onexisting
channels orbycreating channels).Ecuador, Argentina, Brazil,
Colombia, Cuba, Spain, Italy,
Mexico, Nicaragua, Peru andthe
Dominican RepublicIndefinite Tofacilitate theexchange of
audiovisual services between
signatory countries.
(b)Latin American Cinematographic
Agreement. National treatment,
suppliers must benationals or
residents, facilities forartistic and
technical personnel, facilitation ofthe
import andexport ofmaterial and
equipment whatever system fortheuse
orexchange ofaudiovisual services
maybeagreed.Ecuador, Argentina, Brazil,
Colombia, Cuba, Spain, Italy,
Mexico, Nicaragua, Peru andthe
Dominican RepublicIndefinite Tofacilitate theexchange of
audiovisual services between
signatory countries.