QCOSTARICA- -Now is the time to fulfill the clear mandate of the Presidents of the Central American Integration System ( (Spanish: Sistema de la Integración Centroamericana, or SICA)) for the establishment of a Customs Union in Central America.
The purposes for establishing a customs union is to increase economic efficiency and establishing closer political and cultural ties between the countries.
From a statement issued by the Federation of Chambers of Commerce of Central America (FECAMCO):
The Federation of Chambers of Commerce of Central America (FECAMCO) held in San José, the transfer of chairmanship of this regional entity to the Chamber of Commerce of Costa Rica for the period 2015.
As a Federation we believe it is important that the Presidents of the Central American Integration System are taking up the agenda of a Customs Union in everything related to having trade facilitation in the region, which we consider of great value for promoting foreign and domestic investment, the latter driven mostly the involvement of MSMEs, which represent 85% of our membership and 90% of the economy of the Isthmus.
In 1991, SICA’s institutional framework included Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama. Belize joined in 2000 as a full member, while the Dominican Republic became an associated state in 2004 and a full member in 2013. Mexico, Chile and Brazil became part of the organization as regional observers, and the Republic of China, Spain, Germany and Japan became extra-regional observers.
Source: Centralamericandata.com; SICA; wikipedia