E.U. free trade agreements to boost luxury markets in Latin America
In December 2013, a Free Trade Agreement has entered into validity between the European Union and several Latin American countries, namely Guatemala, Salvador, Honduras, Nicaragua, Costa Rica and Panama. Already, the level of trade between the countries and the E.U. is reported to have increased by 30%. One particular luxury sector likely to benefit from the accord is fashion / apparel, with a tax exemption on textiles. Other luxury sectors on the rise in the 6 Latin American countries are: car, watches and jewellery.