New FTA with Panama Removes Tariffs in Next 15 Years
he new U.S.-Panama Free Trade Agreement went into effect yesterday (Wednesday) - eliminating tariffs and other barriers to U.S. exports to promote economic growth and expand trade between the two countries. United States Trade Representative Ambassador Ron Kirk says the partnership with Panama's fast-growing economy adds up to support more well-paying jobs across the United States. With this agreement - half of American ag exports to Panama will become duty free - bringing an additional 2.2-billion dollars in ag exports. Last year - the U.S. exported more than 8.2-billion dollars of products to Panama - which included 504-million of ag products. The new agreement will give the U.S. access to the 22-billion dollars Panamanian services market.
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