U.S. Trade Representative Susan C. Schwab announced the conclusion of negotiations with Panama’s Minister of Trade and Industry, Alejandro Ferrer. Though the agreement is still subject to more discussion regarding labor, it will eliminate ninety percent of Panama’s tariffs on industrial goods immediately, with a ten year phase-out for the remaining tariffs. The agreement also establishes a monitoring program for Panama’s free trade zones, and it will allow U.S. exporters further opportunity to take part in the multi-billion dollar expansion of the Panama Canal. The full USTR press release is here.
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