The Canada-Panama Free Trade Agreement will enter into force on April 1.
Diane Ablonczy, Canada’s minister of state of foreign affairs (Americas and Consular Affairs) made the announcement in Panama City, Panama, on March 17. She was joined by Fernando Núñez Fábrega, Panama’s minister of foreign affairs, and by several representatives of the Canadian business community in Panama.
“The entry into force of the agreement is a significant milestone, one that will have immediate benefits for Canadian exporters,” Ed Fast, Canadian minister of international trade and minister for the Asia-Pacific Gateway, said in a written comment on the announcement. “The agreement will immediately eliminate tariffs on more than 90 percent of Canadian goods exported to Panama, benefiting a wide range of sectors, including aerospace, pharmaceuticals, pulp and paper, and agriculture and agri-food.”
Panama is Canada’s third-largest merchandise export market in Central America, Foreign Affairs and International Trade Canada reports. Bilateral trade has grown 62 percent since 2009, with bilateral merchandise trade reaching C$213.6 million in 2012.