Thursday, October 13, 2011

We have trade agreement with Panama!

We have trade agreement with Panama! summary by Juliette Passer

The U.S. Congress approved yesterday the trade promotion agreement (TPA) with Panama after a marathon session that ended four years of stagnation in the White House.

After two intense debates Panama won approval of the agreement. In the House of Representatives it received 300 votes in favor and 129 against, while the Senate had 77 votes in favor and 22 against.

With this, the Agreement is ready to be signed by President Barack Obama, who called the approval of agreements with Panama, Colombia and South Korea as "a great victory for workers and businesses."

The United States is Panama's main trading partner, and the Agreement opens to Panama access to a market of 300 million potential consumers. The TPC in Panama involves a demanding agricultural sector competitiveness and improving the quality of education. It is expected that more American companies come to the country, that the financial sector will make its way in America, and Panama to provide preferential services in that market.
"This is an achievement of all Panamanians and administrations that have preceded us. The Panamanians have to prepare to take the benefits of this treaty, which shall enter into force soon,” said President of Panama Ricardo Martinelli.

Federico Humbert, President of the Panama Chamber of Commerce, described the ratification as a historic moment for the country. But he warned that the changes have to occur in all sectors.

"Hard work lies ahead, the implementation period should last about 18 months, in which both government and private sector must press ahead to support our producers, to ensure that when the treaty enters into force they are ready to reap the benefits that it can give us ...", said Humbert, who was also Ambassador to Panama in the United States.

On Tuesday October 18, Minister of Commerce, Ricardo Quijano, will be traveling to Washington to begin the process of implementation of the treaty. It is expected that in eight months it will take effect.

No comments:

Post a Comment