Signing of the U.S-Panama Trade Promotion Agreement

The United States and Panama today signed the United States-Panama Trade Promotion Agreement, a comprehensive agreement that will eliminate tariffs and other barriers to trade in goods and services between the United States and Panama. This agreement is a natural extension of the long-standing friendship and genuine partnership between the United States and Panama.

The United States is the leading source of imports and the leading export market for Panama. Panama represented a market of about $2.5 billion for U.S. exports in 2006, and received approximately $5.1 billion in U.S. foreign direct investment in 2005. As Panama moves forward with its important Canal expansion and poverty reduction initiatives, this historic trade agreement will generate the jobs and growth necessary to complement those efforts and secure a more prosperous future for both our nations.