JOC Staff | Oct 22, 2012 2:56PM EDT
The United States-Panama Trade Promotion Agreement is set to enter into force on Oct. 31, 2012. United States Trade Representative Ron Kirk and Ricardo Quijano, Panama's Minister of Commerce and Industry have exchanged letters agreeing to that effective date after review of their countries' legal and regulatory frameworks for the free trade agreement.
Under the agreement, Panama will eliminate tariffs and other barriers to U.S. exports and provide U.S. firms with improved access to customers in Panama’s $22 billion services market, Ambassador Kirk said.
Over 86 percent of U.S. exports of consumer and industrial products to Panama, currently averaging tariffs of 7 percent, will become duty-free immediately, and nearly half of all agricultural commodities, currently averaging tariffs of 15 percent, will, too.
