RESTRICTEDWORLD TRADE
ORGANIZATIONTN/S/O/PAN
11 April 2003
(03-2035)
Council for Trade in Services
Special SessionOriginal:  Spanish
PANAMA
Initial Offer
The following initial offer was received from the Delegation of Panama on 10 April 2003
with the request that it be circulated to Members of the Council for Trade in Services.
_______________
Draft Schedule of Specific Commitments
The attached document contains Panama's initial offer of horizontal and specific
commitments in Word format for the negotiations of the Council for Trade in Services. This
document substitutes the legally binding commitments undertaken by Panama in its Schedule of
Specific Commitments (GATS/SC/12(4) and includes further service sector commitments.
Attached to this draft Schedule is Panama's List of Article II (MFN) Exemptions
(GATS/EL/12(4) in Word format and showing the changes made thereto.
The Republic of Panama reserves the right to withdraw or make modifications to its initial
offer during the course of the negotiations and to include other sectors which it considers relevant .TN/S/O/PAN
Page 3PANAMA – SCHEDULE OF SPECIFIC COMMITMENTS
Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
ALL SECTORS Foreign natural or juridical persons and
nationals all or part of whose capital is foreignmay not acquire land situated less than ten (10)kilometres from the frontier or ownership of
islands within the jurisdiction of the Republic.Unbound, except as indicated in the Market
Access column.
(3) and (4) Not less than 90 per cent of the
ordinary workforce of any employer mustconsist of Panamanian workers or foreignerswith a Panamanian spouse or with ten (10)
years' residence in the country. Foreign
specialized or technical personnel may notexceed 15 per cent of the total workforce.
Notwithstanding, a higher proportion of
foreign specialized or technical personnel may
be permitted for a fixed period of time on the
previous recommendation of the respectiveMinistry and with the approval of the Ministryof Labour and Social Welfare.
With regard to specific commitments bound
for Mode 3, it is understood that the temporary
entry of one person is permitted for enterpriseswith fewer than 10 workers, under theconditions bound for Mode 4.TN/S/O/PAN
Page 4Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
Unbound as far as the geographic areas
included in the Panama Canal Treaties are
concerned.
(4) Unbound, except for measures concerning the
temporary entry of the following categories ofpersonnel:
(a) Sellers of services.  Persons not established in
Panama nor receiving remuneration from asource in Panama who are engaged inactivities connected with the representation ofservice suppliers for the purpose of
negotiating the sale of their services.
(b) Managers, administrators and specialists who
are employed by firms which supply servicesin Panama through a branch, subsidiary oraffiliate and who have been in its employ for
not less than six (6) months immediately
preceding the date of application for entry.
Managers:  Persons who occupy the highest
position in the enterprise, direct themanagement of the enterprise or one of its
departments or subdivisions, supervise and
control the work of other supervisory ormanagerial staff, have the authority to hire andfire and exercise discretionary authority overthe general operations of the enterprise. Thiscategory does not include first-line supervisors,
unless the employees supervised are
professionals, nor does it include employeeswho mainly perform functions necessary forthe supply of the service.TN/S/O/PAN
Page 5Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
Administrators:  Persons who direct the
administration of the enterprise, establish its
goals and policies, have wide latitude indecision-making and receive only generalsupervision and direction from managers, theBoard of Directors or shareholders of theenterprise.  Administrators do not directly
perform functions connected with the supply of
the enterprise's services.
Specialists:  Persons within an organization
who possess knowledge at an advanced levelas a result of continuous experience and are in
possession of confidential information about
the services, research, equipment, techniquesor administration of the enterprise.
(4) Unbound for intrinsic professional services or
services connected with the sectors included in
this Schedule, other than those specified inSection 1.A.  PROFESSIONAL SERVICES.TN/S/O/PAN
Page 6Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
1. BUSINESS SERVICES
A. Professional Services
a. Legal services.
Exclusively:  legal
consultancy on international
law (excludes Panamanian
law) and consultancy on lawof the jurisdiction in whichthe service supplier is a
qualified lawyer
Does not include
appearance in courts or
before administrative,
judicial, maritime orarbitral authorities inPanama, nor the drafting of
legal documents (part of
CPC 861)(1) None
(2) None(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None
(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 7Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
b. Accounting services (1) Unbound
(2) Unbound
(3) Panamanian juridical persons may enter into
agreements to add to their letterheads and signsthe names of firms, corporations or juridical ornatural foreign persons engaged in the provisionof certified public accountant services in their
country of origin or in the international
coordination of the professional practice ofpublic accountancy.
Professional acts demanding public certification
may only be provided by Panamanian Certified
Public Accountants.
Professional associations are unbound.
(4) Unbound(1) Unbound
(2) Unbound
(3) None
(4) Unbound
(c) Taxation services.
Exclusively:  business taxplanning services(CPC 86301)(1) None
(2) None(3) Unbound(4) Unbound(1) Unbound
(2) Unbound(3) Unbound(4) UnboundTN/S/O/PAN
Page 8Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
(d) Architectural services
(CPC 8671), including
urban planning andlandscape architecturalservices (CPC 8674).(1) Unbound
(2) Unbound
(3) None, but persons responsible for engineering
and architectural works must be professionalslicensed in Panama.  Unbound for professional
associations.
(4) The hiring of foreign professionals in the field
of architecture for purposes limited to thatspecialization may be permitted, provided thatthe Engineering and Architecture Technical
Council can show that there are no
Panamanian professionals suitable forproviding such services. If a foreignprofessional is hired for more than 12 months,the hiring entity must employ a Panamanianprofessional to receive the training necessary
to enable him to replace the foreigner at the
end of his contract. Authorizations to hireforeign specialists for less than 12 months maynot be extended.(1) Unbound
(2) Unbound
(3) Unbound
 (4) UnboundTN/S/O/PAN
Page 9Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
Engineering services
(CPC 8672), including
integrated engineeringservices (CPC 8673)(1) Unbound
(2) Unbound
(3) None, but persons responsible for engineering
and architectural works must be professionalslicensed in Panama.  Unbound for professionalassociations.(1) Unbound
(2) Unbound
(3) Unbound
(4) The hiring of foreign professionals in the field
of engineering for purposes limited to that
specialization may be permitted, provided that
the Engineering and Architecture TechnicalCouncil can show that there are no Panamanianprofessionals suitable for providing suchservices.(4) Unbound
If a foreign professional is hired for more than
12 months, the hiring entity must employ aPanamanian professional to receive thetraining necessary to enable him to replace theforeigner at the end of his contract.
Authorizations to hire foreign specialists for
less than 12 months may not be extended.
B. COMPUTER AND
RELATED SERVICES
a. Consultancy services related
to the installation of
computer hardware
(CPC 841)(1) None
(2) None
(3) None.  Does not include retail sale of hardware.
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None. Does not include retail sale of hardware.
(4) Unbound, except as indicated in the horizontal
commitments.
b. Software implementation
services
(CPC 842)TN/S/O/PAN
Page 10Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
(c) Data-processing services.
Exclusively:  input
preparation services;data-processing services[time-sharing services]
       (CPC 84310, 84320,
84330)
(d) Database services
(CPC 84(4)
(e) Others: exclusively
mMaintenance and repair of
hardware
(CPC 845)
E. RENTAL/LEASING
SERVICES WITHOUTOPERATORS
(c) Leasing or rental services
concerning other means oftransport without operator.Exclusively:  rental ofprivate cars without driver
(CPC 94040, 94050)
      (CPC 83101)(1) None
(2) None(3) Unbound(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) Unbound(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 11Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
F. OTHER BUSINESS
SERVICES
(a) Advertising services
(CPC 871)(1) None
(2) None
(3) Foreign agencies must be associated with
national enterprises
(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound
(2) Unbound
(3) None.(4) Unbound, except as indicated in the horizontal
commitments.
(c) Management consulting
services
(CPC 865)(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(d) Services related to
management consulting
(CPC 866)(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(f) Services incidental to
agriculture, hunting andforestry (CPC 881), exceptservices providingagricultural machinery withoperators, harvesting and
related services and labour
contracting services(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 12Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
(g) Services incidental to
fishing
(CPC 882)(1) None
(2) None
(3) Unbound(4) Unbound, except as indicated in the horizontal
commitments(1) None
(2) None
(3) Unbound(4) Unbound, except as indicated in the horizontal
commitments.
(h) Services incidental to
mining (CPC 883)(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(i) Services incidental to
manufacturing(CPC 884 and 885, ex
88442)(1) None
(2) None(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None
(4) Unbound, except as indicated in the horizontal
commitments.
(m) Related scientific and
technological consultancy
(1) Geological, geophysical
and other scientificprospecting services (CPC86751)(1) Unbound*
(2) None(3) None, but engineers have to be licensed in
Panama.
(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound*
(2) None(3) None, but engineers have to be licensed in
Panama.
(4) Unbound, except as indicated in the horizontal
commitments.
2. Underground topography
services (CPC 86752)TN/S/O/PAN
Page 13Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
3. Surface topography
services
(CPC 86753)
(r) Publishing and printing
services. Exclusively:
publishing (CPC 88442)Excludes: printing(1) Unbound
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(s) Convention services
(CPC 887909*)(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.
2. COMMUNICATION
SERVICES
C. Telecommunications
Value-added
telecommunicationsservices(CPC 7523)(1) Unbound
   None
(2) Unbound    None
(3) Unbound    None
(4) Unbound, except as indicated in the
horizontal commitments.(1) Unbound    None
(2) Unbound    None
(3) Unbound    None
(4) Unbound, except as indicated in the
horizontal commitments.Commitments in value-
added telecommunications
are undertaken within the
following scheme:TN/S/O/PAN
Page 14Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
(h) electronic mail;
(i) voice mail;
(j) on-line information and
database retrieval;
(k) electronic data interchange
(EDI);
(l) enhanced/value-added
facsimile services, including
store-and-retrieve;
(m) code and protocol
conversion;
(n) on-line information and/or
data processing (including
transaction processing);
(o) other- One (1) year after the
WTO enters into force
for Panama, foreign
enterprises will be
able to provide these
services through
association with the
national company
INTEL S.A.TN/S/O/PAN
Page 15Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
Five (5) years after the
WTO enters into force for
Panama, foreign
enterprises will be able to
provide these services
directly
(1)   None
(2)   None
(3)   None
(4)   Unbound, except as
indicated in the horizontal
commitments.TN/S/O/PAN
Page 16Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
3. CONSTRUCTION AND
RELATED
ENGINEERINGSERVICES
A. General construction work
for buildings (CPC 512)(1) Unbound*
(2) None
(3) None, but persons responsible for engineering
and architectural works must be professionalsin the field licensed in Panama.
(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound*
(2) None
(3) Unbound
(4) Unbound, except as indicated in the horizontal
commitments.
B. General construction work
for civil engineering
(CPC 513)(1) Unbound*
(2) None(3) None, but persons responsible for engineering
and architectural works must be professionalsin the field licensed in Panama.
(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound*
(2) None(3) Unbound
(4) Unbound, except as indicated in the horizontal
commitments.
C. Installation and assembly
work
(CPC 514 and 516)(1) Unbound*
(2) None(3) None, but persons responsible for engineering
and architectural works must be professionals
in the field licensed in Panama.
(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound*
(2) None(3) Unbound
(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 17Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
D. Building completion and
finishing work(CPC 517)(1) Unbound*
(2) None(3) None, but persons responsible for engineering
and architectural works must be professionalsin the field licensed in Panama.
(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound*
(2) None(3) Unbound
 (4) Unbound, except as indicated in the horizontal
commitments.
D. AUDIOVISUAL
SERVICES
(a)  Motion picture and video
tape production andwholesale distribution
services
(CPC 9611)(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitmentsTN/S/O/PAN
Page 18Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
(b) Motion picture projection
services (CPC 96121)  and
(c) radio and televisionservices (CPC  9613).
      Exclusively:  arrangements
for the showing and
screening of foreign
audiovisual services,provided that the mediumfor showing these services islimited to Panamanians.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(e) Sound recording (1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.
4. DISTRIBUTION
SERVICES
A. Commission agents'
services
(CPC 621)(1) None
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.
B. Wholesale trade services
(CPC 622)(1) None
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 19Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
C. Repair services of
personal and household
goods (CPC 633) andMaintenance and repairservices of motor vehicles(CPC 61120)(1) None
(2) None
(3) None(4) Unbound, except as indicated in the
horizontal commitments.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the
horizontal commitments.
D. Franchising
(CPC 8929)(1) None, except that services of franchise
operations provided at retail level are limited
to Panamanian citizens.
(2) None(3) None, except that services of franchise
operations provided at retail level are limitedto Panamanian citizens.
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.
5. EDUCATIONAL
SERVICES1
A. Primary education services
(CPC 921)(1) None
(2) None(3) Educational establishments must be approved
and inspected by the Ministry of Education.
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) Unbound
 (4) Unbound, except as indicated in the horizontal
commitments.
                                                     
1 National Education is a public service.  The State may intervene in private teaching establishments to ensure the fulfilment o f national and social objectives as regards the education
and intellectual, moral, civic and physical training of the students.TN/S/O/PAN
Page 20Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
B. Secondary education
services
        (CPC 922)(1) None
(2) None
(3) Educational establishments must be approved
and inspected by the Ministry of Education.
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) Unbound
 (4) Unbound, except as indicated in the horizontal
commitments. In addition, Panamanian historyand citizenship must be taught by Panamanians.
C. Higher education services
(CPC 923)2(1) None(2) None
(3) Higher education establishments must be
approved by the Ministry of Education andinspected by the University of Panama.
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None
 (4) Unbound, except as indicated in the horizontal
commitments.
D. Adult education services
n.e.c. (CPC 924)(1) None
(2) None(3) Higher education establishments must be
approved by the Ministry of Education and
inspected by the Un iversity of Panama.
(4) Unbound, except as indicated in the
horizontal commitments.(1) None
(2) None(3) None
 (4) Unbound, except as indicated in the
horizontal commitments.
                                                     
2 The University of Panama will inspect officially approved priv ate universities in order to guarantee the degrees they award and  confirm those of foreign universities in the cases
specified by law.TN/S/O/PAN
Page 21Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
6. ENVIRONMENTAL
SERVICES
(a) Sewage services (CPC
94010)(1) None
(2) None(3) None(4) Unbound, except as indicated in the
horizontal commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the
horizontal commitments.
(b) Refuse disposal services
(CPC 94020).Exclusively: collectionand disposal of hospitalwaste(1) None
(2) None(3) None(4) Unbound, except as indicated in the
horizontal commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the
horizontal commitments.
(d) Exclusively:  cleaning
services of exhaust gases;noise abatement services(CPC 94040 and 94050)(1) None
(2) None(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.
Commitments will be
limited to the followingactivities:  implementationand installation of new or
existing cleaning, remedial,
preventive and monitoringsystems;  consultingservices in these fields.TN/S/O/PAN
Page 22Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
(e) Nature and landscape
protection services
(part of CPC 94060)Exclusively:
    (i) Services for
conducting studies onthe relation between
the environment and
climate, includingservices to evaluatenatural disasters andmitigate theirconsequences.
     (ii) Water and land
clean-up forabatement ofpollution in lakes,along coastlines and
in coastal waters.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(1) None
(2) None(3) None
(4) Unbound, except as indicated in the
horizontal commitments.(1) Unbound
(2) None
(3) Unbound(4) Unbound, except as indicated in the horizontal
commitments.
(1) Unbound
(2) None(3) Unbound(4) Unbound, except as indicated in the
horizontal commitments.TN/S/O/PAN
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7. FINANCIAL SERVICES
(1) Other horizontal
commitments specific tofinancial services(4) Unbound for service sellers, brokers and stock
agents.
A. INSURANCE AND
INSURANCE-RELATEDSERVICES
(a) Life, accident and health
insurance services(CPC 81211 and 81291)(1) Unbound
(2) Unbound(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound
(2) Unbound(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(b) Non-life insurance services
(CPC 82192-82197)(1) Unbound
(2) Unbound(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound
(2) Unbound(3) None(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 24Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
(c) Transportation insurance (1) None, with respect to goods exported from
Panama, from the moment they are outside
Panamanian territory.
(2) Unbound(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None, with respect to goods exported from
Panama, from the moment they are outside
Panamanian territory.
(2) Unbound(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(c) Reinsurance and
retrocession
(CPC 81299)(1) With regard to fire insurance, insurance
companies may not cede premiums forreinsurance abroad for an amount exceeding50 per cent of total premiums for riskscovered in the Republic of Panama.
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
 (2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.
B. BANKING AND OTHER
FINANCIAL SERVICES,
(EXCLUDINGINSURANCE,FINANCIALENTERPRISES, ANDSAVINGS AND LOAN
ASSOCIATIONS)
(v) Acceptance of deposits and
other repayable funds fromthe public(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
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(vi) Lending of all types,
including consumer credit
and mortgage credit(excluding mortgage of realestate located in Panama)(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(c) Financial leasing with
option to purchase
(Exclusively:  movable
goods)(1) None
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.
(viii) All payment and money
transmission services,
including credit, charge and
debit cards, travellerscheques and bankers' drafts(does not include localtransmission services)(1) None
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None
(4) Unbound, except as indicated in the horizontal
commitments.
(ix) Guarantees (banking
guarantees) andcommitments(1) None
(2) None(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(x) Trading for own account or
for account of customers,whether on an exchange, inan over-the-counter marketor otherwise, the following:(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) Placement in the Panamanian market can only
be provided by Panamanians.  None
(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 26Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
A) Money market instruments
(including cheques, bills and
certificate of deposit)
B) Foreign exchange
C) Derivative products
including, but not limited to,
futures and options
D) Exchange-rate and interest-
rate instruments, includingproducts such as swaps andforward rate agreements
E) Transferable securities
F) Other negotiable
instruments and financial
assets, including bullion
(xi) Participation in issues of all
kinds of securities,including underwriting(does not include agents)(1) None
(2) None(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) Placement in the Panamanian market can only
be provided by Panamanians.  None
(4) Unbound, except as indicated in the horizontal
commitments.
(xii) Money broking (1) None
(2) None(3) None
(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None
(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 27Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
(xiii) Asset management, such
as cash or portfolio
management, all forms ofcollective investmentmanagement, pensionfund management andcustodial, depository and
trust services(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.
(xv) Provision and transfer of
financial information, andfinancial data processingand related software bysuppliers of other financial
services.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 28Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
(xvi) Advisory and other
auxiliary financial services
on all the activities listedin subparagraphs (v)through (xv) above,
including credit reference
and analysis, investmentand portfolio research andadvice and advice onacquisitions and oncorporate restructuring
and strategy.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None
(3) None(4) Unbound, except as indicated in the horizontal
commitments.
8. HEALTH-RELATED AND
SOCIAL SERVICES
(OTHER THAN THOSE
LISTED UNDER 1.A.h - jOF DOCUMENT
MTN.GNS/W/120)
A. Hospital Services
      (CPC 9311)(1) Unbound*
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound*
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 29Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
9. TOURISM AND TRAVEL-
RELATED SERVICES
A. Hotels (Exclusively:
CPC 6411 and 6412).  Does
not include restaurants.(1) Unbound*
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound*
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.
Meal-serving services withfull restaurant service(CPC 64210) (does notinclude cafeterias or cafésor services in bars,canteens or similar
establishments).
Exclusively for investmentswith a capital of onehundred and twentythousand dollars
(US$ 120,000) or more.(1) Unbound*
(2) None(3) None.(4) Unbound, except as indicated in the
horizontal commitments.(1) Unbound*
(2) None(3) None(4) Unbound, except as indicated in the
horizontal commitments.
B. Tour operator services.
Exclusively:  to promote,organize, operate and selltour packages for Panamato individuals or groups.
(Part of CPC 7471)(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.TN/S/O/PAN
Page 30Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
10. RECREATIONAL,
CULTURAL AND
SPORTING SERVICES(other than audiovisualservices)
A. Entertainment services
(including theatre, live
bands and circus services)
(CPC 96191 and 96192)(1) Unbound
(2) None
(3) Unbound
(4) Unbound, except as indicated in the horizontal
commitments.(1) Unbound
(2) Unbound
(3) Unbound(4) Unbound, except as indicated in the horizontal
commitments. At least one Panamanianperformer must take part in every show.TN/S/O/PAN
Page 31Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
11. TRANSPORT SERVICES
A. MARITIME
TRANSPORT
SERVICESa. International
passengertransportation (CPC7211) and freight
transportation (CPC
7212), exceptcabotage transport.
b. Rental of vessels with
crew (CPC 7213)
c. Maintenance and
repair of vessels
(CPC 8868)
d. Rental of vessels
without crew (CPC83103)(1) None
(2) None(3) None(4) Unbound for ships' crews and key personnel
employed in relation to a commercial
presence, except as indicated in thehorizontal commitments.(1) None
(2) None(3) None(4) Unbound for ships' crews and key personnel
employed in relation to a commercial
presence, except as indicated in thehorizontal commitments.The following services at
the port are made
available to internationalmaritime transportsuppliers on non-discriminatory terms andconditions:
a. pilotage;
b. towing and tug
assistance;
c. provisioning, fuelling
and watering;
d. garbage collection
and ballast waste
disposal;
e. Port Captain's
services;
f. navigations aids;
g. shore-based
operational servicesessential to shipoperations, includingcommunications andwater and electrical
supplies;
h. emergency repair
facilities;
i. anchorage, berth and
berthing services.TN/S/O/PAN
Page 32Modes of supply: 1)  Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4)  Presence of natural persons
Sector or subsector Limitations on market access Limit ations on national treatm ent Additional commitments
MARITIME AUXILIARY
SERVICES
a. Cargo handling
services (CPC 741)
b. Storage and
warehousing services(CPC 742)
c. Freight transport
agency services (CPC748)
d. Other (CPC 749)
e. (1) Unbound*
(2) None
(3) None
(4) Unbound, except as indicated in the
horizontal commitments.(1) Unbound*
(2) None
(3) None
(4) Unbound, except as indicated in the
horizontal commitments.
C. AIR TRANSPORT
SERVICES
(a) Maintenance and repair of
aircraft
      (CPC 8868)(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.(1) None
(2) None(3) None(4) Unbound, except as indicated in the horizontal
commitments.
__________TN/S/O/PAN
Page 33PANAMA - FINAL LIST OF ARTICLE II (MFN) EXEMPTIONS
Sector or
subsectorDescription of the me asure indicating its
inconsistency with Article IICountries to which the
measure appliesIntended duration Conditions creating the need for the
exemption
All sectors Legal agreements between countries of the
region.  Preferential treatment for suppliers ofdifferent kinds of services.Guatemala, El Salvador,
Nicaragua, Costa Rica andHonduras.Indefinite Arrangements made to promote trade in various
economic areas, including services of differentkinds.
All sectors Preferential treatment for suppliers of services
authorized under the Panama Canal Treaties.United States Indefinite Bilateral treaty on the operation of the Panama
Canal.
ProfessionalservicesAuthorization to exercise a profession is
granted on the basis of reciprocity.All countries Indefinite Lack of reciprocity.
Audiovisual
services(a) Ibero-American Cinematographic
Integration Agreement. Freemovement of natural persons.  Theshowing of Ibero-American
cinematographic works facilitated in
the signatory countries (on existingchannels or by creating channels).Ecuador, Argentina, Brazil,
Colombia, Cuba, Spain, Italy,Mexico, Nicaragua, Peru andthe Dominican Republic.Indefinite To facilitate the exchange of audiovisual services
between signatory countries.
(b) Latin American Cinematographic
Agreement. National treatment,
suppliers must be nationals or
residents, facilities for artistic andtechnical personnel, facilitation of theimport and export of material andequipment whatever system for theuse or exchange of audiovisual
services may be agreed.Ecuador, Argentina, Brazil,
Colombia, Cuba, Italy, Mexico,
Nicaragua, Peru and the
Dominican Republic.Indefinite To facilitate the exchange of audiovisual services
between signatory countries.
__________