WORLD TRADE GATS/SC/124
1October 1997
ORGANIZATION(97-4063)
Original: Spanish Trade inServices
REPUBLIC OFPANAMA
Schedule ofSpecific Commitments
(This isauthentic inSpanish only)
________________GATS/SC/124
Page2PANAMA -SCHEDULE OFSPECIFIC COMMITMENTS
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 andnationals
allorpartofwhose capital isforeign maynot
acquire landsituated lessthanten(10)kilometres
from thefrontier norownership ofislands 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 or
technical personnel maynotexceed 15% ofthe
totalworkforce.
Notwithstanding, ahigher proportion offoreign
specialized ortechnical personnel maybe
permitted forafixed period oftime, onprevious
recommendation oftherespective Ministry and
approval oftheMinistry ofLabour andSocial
Welfare.
Forspecific commitments bound onmode 3,itis
understood thatthose enterprises withfewer than
10workers arepermitted temporary entry ofone
person, under theconditions bound formode 4.
Unbound asfarasthegeographic areas included
inthePanama Canal Treaties areconcerned.
(4) Unbound, except forthemeasures
concerning thetemporary entry ofthe
following categories ofpersonnel:GATS/SC/124
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
(a) Sellers ofservices: persons notestablished
inPanama andnotreceiving remuneration
from asource situated inPanama, whoare
engaged inactivities connected withthe
representation ofsuppliers ofservices for
thepurpose ofnegotiating thesaleofthe
services ofthose suppliers.
(b) Managers, administrators andspecialists
whoareemployed byfirms which supply
services inPanama through abranch,
subsidiary oraffiliate andwhohave been
previously initsemploy fornotlessthan
six(6)months immediately preceding the
dateofapplication ofentry.
MANAGERS :Persons whooccupy thehighest
position intheenterprise, direct themanagement
oftheenterprise oroneofitsdepartments or
subdivisions, supervise andcontrol thework of
other supervisory ormanagerial staff, have the
authority tohireandfire,andexercise
discretionary authority over thegeneral
operations oftheenterprise. Thiscategory does
notinclude first-line supervisors, unless the
employees supervised areprofessionals, nordoes
itinclude employees whomainly perform
functions necessary forthesupply 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.GATS/SC/124
Page4Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
SPECIALISTS :Persons within anorganization
whopossess theknowledge atanadvanced level
ofcontinuous experience andareinpossession of
confidential information about theservices,
research, equipment, techniques or
administration oftheenterprise.
(4) Unbound forintrinsic professional services
orthose connected withthesectors
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.(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.
Does notinclude
appearance incourts or
administrative, judicial,
maritime orarbitral
authorities inPanama, nor
thedrafting oflegal
documents (part of
CPC 861).GATS/SC/124
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
(b) Accounting services (1) Unbound (1) Unbound
(2) Unbound (2) Unbound
(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) Unbound
(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) UnboundGATS/SC/124
Page6Modes 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) 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) Unbound
(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.(4) UnboundGATS/SC/124
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
Ifaforeign professional ishired formore
than12months, thehiring entity must
employ aPanamanian professional inorder
thathemayreceive thetraining necessary
toenable himtoreplace theforeigner at
theendofhiscontract.
Authorizations tohireforeign specialists
forlessthan12months maynotbe
extended.
B. COMPUTER AND
RELATED SERVICES
(a) Consultancy oninstallation
ofcomputer hardware
(CPC 841)(1) None
(2) None(1) None
(2) None
(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)GATS/SC/124
Page8Modes 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. 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.
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.GATS/SC/124
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
(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.
(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.GATS/SC/124
Page10Modes 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 tobelicensed
inPanama.(3) None, buttheengineers have tobelicensed
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.
(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.GATS/SC/124
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
2. COMMUNICATION
SERVICES
C. Telecommunications
Value-added telecommunications
services (CPC 7523):(1) Unbound
(2) Unbound(1) Unbound
(2) 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-
lineinformation and/or data
processing (including transaction
processing); (o)other.(3) Unbound
(4) Unbound(3) Unbound
(4) Unbound- One(1)yearafter
theWTO enters into
force forthe
Republic ofPanama,
foreign enterprises
willbeableto
provide these
services through
association withthe
national company
INTEL S.A.
- 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.GATS/SC/124
Page12Modes 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
forcivilengineering
(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.
C. Installation andassembly
work (CPC 514and516)(1) Unbound*
(2) None(1) Unbound*
(2) None
(3) None, butthepersons responsible forthe
engineering andarchitectural works must
beprofessionals inthefield licensed in
Panama.(3) Unbound
(4) Unbound, except asindicated inthe
horizontal commitments.(4) Unbound, except asindicated inthe
horizontal commitments.GATS/SC/124
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
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.
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.GATS/SC/124
Page14Modes 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) 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.
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.GATS/SC/124
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
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.
C. Higher education services
(CPC 923)2(1) None
(2) None(1) None
(2) None
1National Education isapublic service. TheState mayintervene inprivate teaching establishments toensure thefulfilment ofnational andsocial objectives asregards theeducation and
intellectual, moral, civic andphysical training ofthestudents.
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.GATS/SC/124
Page16Modes 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) Higher education establishments must be
approved bytheMinistry ofEducation and
inspected bytheUniversity ofPanama.
(4) Unbound, except asindicated inthe
horizontal commitments.(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.
(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.GATS/SC/124
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
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.
(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 theyareoutside
Panamanian territory.(1) None, withrespect togoods exported from
Panama, from themoment theyareoutside
Panamanian territory.
(2) Unbound (2) Unbound
(3) None (3) None
(4) Unbound, except asindicated inthe
horizontal commitments.(4) Unbound, except asindicated inthe
horizontal commitments.GATS/SC/124
Page18Modes 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) Reinsurance and
retrocession (CPC 81299)(1) Inthefireinsurance context, insurance
companies maynotcede premiums for
reinsurance abroad inanamount exceeding
50% ofthetotalpremiums forrisks
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.
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 ofrealestate
located inPanama).(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.GATS/SC/124
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
(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 and
debit 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.
(x) Trading forownaccount or
foraccount ofcustomers,
whether onanexchange, in
anover-the-counter market
orotherwise, 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.GATS/SC/124
Page20Modes 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) derivative products
including, butnotlimited
to,futures andoptions;
(D) exchange rates andinterest
rateinstruments, including
products such asswaps and
forward rateagreements;
(E) transferable securities;
(F) other negotiable
instruments andfinancial
assets, including bullion.
(xi) Participation inissues ofall
kinds 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 as
cashorportfolio
management, allforms of
collective investment
management, pension fund
management, custodial,
depository andtrust
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.GATS/SC/124
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
(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
onalltheactivities listed
insubparagraphs (v)
through (xv)above,
including credit reference
andanalysis, investment
andportfolio research and
advice, advice on
acquisitions andon
corporate restructuring and
strategy.(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.
8. HEALTH RELATED
AND SOCIAL SERVICES
(OTHER THAN THOSE
LISTED UNDER 1.A.h-j
OFDOCUMENT
GNS/W/120)
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.GATS/SC/124
Page22Modes ofsupply: (1) Cross-border (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional 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.
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.GATS/SC/124
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
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.