The United States-Panama Trade Promotion Agreement will officially go into effect on Oct. 31 after both countries reviewed their respective laws and regulations related to the agreement.

P. Scott Shearer, Vice President

October 29, 2012

1 Min Read
Panama Trade Agreement Goes into Effect

The United States-Panama Trade Promotion Agreement will officially go into effect on Oct. 31 after both countries reviewed their respective laws and regulations related to the agreement.  U.S. Trade Ambassador Ron Kirk said, “Under this comprehensive agreement, Panama will eliminate tariffs and other barriers to U.S. exports, which will promote economic growth and expand trade between our two countries. This agreement also provides U.S. firms and workers (with) improved access to customers in Panama’s $22-billion services market, including in areas such as financial, telecommunications, computer, express delivery, energy, environmental and professional services.” U.S. agricultural exports will benefit from this agreement. U.S. agricultural goods currently face an average tariff of 15%, with some tariffs as high as 260%. Nearly half of U.S. exports of agricultural commodities to Panama will immediately become duty-free, including wheat, barley, soybeans, high-quality beef, bacon and almost all fruit and vegetable products, with most of the remaining tariffs to be eliminated within 15 years. President Barack Obama signed the trade agreement into law on Oct. 21, 2011. The U.S. exported $8.2 billion in goods to Panama in 2011.

About the Author(s)

P. Scott Shearer

Vice President, Bockorny Group, Inc.

Scott Shearer is vice president of the Bockorny Group Inc., a leading bipartisan government affairs consulting firm in Washington, D.C. With more than 30 years experience in government and corporate relations in state and national arenas, he is recognized as a leader in agricultural trade issues, having served as co-chairman of the Agricultural Coalition for U.S.-China Trade and co-chairman of the Agricultural Coalition for Trade Promotion Authority. Scott was instrumental in the passage of China Permanent Normal Trade Relations and TPA. He is past chairman of the USDA-USTR Agricultural Technical Advisory Committee for Trade in Animals and Animal Products and was a member of the USAID Food Security Advisory Committee. Prior to joining the Bockorny Group, Scott served as director of national relations for Farmland Industries Inc., as well as USDA’s Deputy Assistant Secretary for Congressional Affairs (1993-96), serving as liaison for the Secretary of Agriculture and the USDA to Congress.

Subscribe to Our Newsletters
National Hog Farmer is the source for hog production, management and market news

You May Also Like