USTR Touts Export Growth in U.S.-Panama FTA
The U.S.-Panama free-trade agreement has removed duties on 87 percent of U.S. consumer and industrial product exports and more than half of agricultural exports, contributing to a 17 percent rise in exports to Panama from November 2012 to August 2013 compared to the preceding period, the U.S. Trade Representative (USTR) said in an Oct. 31 press release. More tariffs are continuing to phase-out, said the release. The agreement marks its one-year anniversary, after entering into force on Oct. 31, 2012.
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“As we mark one year of expanded trade between the United States and Panama, American businesses, farmers, ranchers, and workers are already seeing benefits thanks to the lowering of barriers achieved by the U.S.-Panama trade agreement,” said USTR Michael Froman, in the release. “The potential for trade in goods and services as well as investment between our two countries due to the trade agreement is significant.” U.S. manufacturers increased exports of primary metal manufactures, fabricated metal products, processed food, petroleum and coal products, and apparel and apparel accessories, said the release, adding that soybeans, wheat, pork, beef, dairy products, and potato products also experienced export growth.