Britain to boost trade with Panama, Colombia

Source: Xinhua| 2017-08-21 13:18:01|Editor: Xiang Bo
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PANAMA CITY, Aug. 20 (Xinhua) -- Britain plans to double financing for British companies trading with Panama and Colombia, Britain's embassy in Panama said on Sunday.

Britain's Trade Secretary Liam Fox was expected to arrive in the Central American country later in the day to announce the new incentive, the embassy said in a press release.

The move is part of Britain's effort to bolster trade around the world as it prepares for Brexit, its withdrawal from the European Union.

Financing will double to 3.5 billion pounds (4.5 billion U.S. dollars) and 4.5 billion pounds (5.8 billion U.S. dollars) for Panama and Colombia, respectively, to aid companies exporting to those countries or buying British goods and services for them.

Panama is the fastest growing economy in Latin America, thanks to the Panama Canal, with an average annual growth rate of 7 percent over the past decade, according to the embassy.

Britain is the fourth largest investor in Panama, considered a gateway to Latin American markets.

Fox is expected to travel to Colombia on Tuesday.